0001810747 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075089Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075089Member cik0001810747:FixedIncomeSecuritiesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075089Member cik0001810747:ActiveManagementRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075089Member cik0001810747:CommodityAndCurrencyRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075089Member cik0001810747:DerivativesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075089Member cik0001810747:EarlyClosetradingHaltRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075089Member cik0001810747:EquitySecuritiesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075089Member cik0001810747:EtfStructureRisksMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075089Member cik0001810747:FuturesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075089Member cik0001810747:HighYieldRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075089Member cik0001810747:LargeCapitalizationRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075089Member cik0001810747:LeverageRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075089Member cik0001810747:MarketAndGeopoliticalRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075089Member cik0001810747:MortgagerelatedRisksMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075089Member cik0001810747:OptionRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075089Member cik0001810747:OverthecounterMarketRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075089Member cik0001810747:SubsidiaryInvestmentRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075089Member cik0001810747:SwapRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075089Member cik0001810747:TBASecuritiesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075089Member cik0001810747:TIPSRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075089Member cik0001810747:TurnoverRateRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075089Member cik0001810747:USTreasuryMarketRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075089Member cik0001810747:UnderlyingFundRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075089Member cik0001810747:AffiliatedMoneyMarketEtfConflictOfInterestRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091618Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091618Member cik0001810747:ActiveManagementRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091618Member cik0001810747:EquitySecuritiesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091618Member cik0001810747:MarketAndGeopoliticalRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091618Member cik0001810747:DerivativesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091618Member cik0001810747:OptionRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091618Member cik0001810747:SwapsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091618Member cik0001810747:ForwardContractRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091618Member cik0001810747:CounterpartyRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091618Member cik0001810747:LeverageRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091618Member cik0001810747:LimitedHistoryRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091618Member cik0001810747:OverthecounterMarketRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091618Member cik0001810747:SmallAndMediumCapitalizationRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091618Member cik0001810747:LargeCapitalizationCompaniesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091618Member cik0001810747:NondiversifiedFundRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091618Member cik0001810747:FixedIncomeSecuritiesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091618Member cik0001810747:USTreasuryAndAgencyMarketRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091618Member cik0001810747:UnderlyingFundRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091618Member cik0001810747:AffiliatedMoneyMarketEtfConflictOfInterestRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091618Member cik0001810747:EarlyClosetradingHaltRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091618Member cik0001810747:EtfStructureRisksMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000076784Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000076784Member cik0001810747:BitcoinRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000076784Member cik0001810747:OptionsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000076784Member cik0001810747:SwapRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000076784Member cik0001810747:ActiveManagementRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000076784Member cik0001810747:BitcoinETFRisksMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000076784Member cik0001810747:ConcentrationRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000076784Member cik0001810747:EarlyClosetradingHaltRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000076784Member cik0001810747:EtfStructureRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000076784Member cik0001810747:ExchangeTradedProductETPRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000076784Member cik0001810747:FixedIncomeSecuritiesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000076784Member cik0001810747:LeverageRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000076784Member cik0001810747:MarketAndGeopoliticalRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000076784Member cik0001810747:NondiversificationRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000076784Member cik0001810747:ReverseRepurchaseAgreementsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000076784Member cik0001810747:TIPSRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000076784Member cik0001810747:USTreasuryMarketRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000076784Member cik0001810747:UnderlyingFundRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000076784Member cik0001810747:ValuationRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000076784Member cik0001810747:WhollyownedSubsidiaryRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000076784Member cik0001810747:AffiliatedMoneyMarketETFConflictofInterestRisksMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000076784Member cik0001810747:TurnoverRateRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088354Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088354Member cik0001810747:SwaptionsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088354Member cik0001810747:ActiveManagementRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088354Member cik0001810747:CashOrCashEquivalentsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088354Member cik0001810747:VolatilityRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088354Member cik0001810747:USTreasuryAndAgencyMarketRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088354Member cik0001810747:CounterpartyRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088354Member cik0001810747:DerivativesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088354Member cik0001810747:FuturesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088354Member cik0001810747:EarlyClosetradingHaltRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088354Member cik0001810747:EtfStructureRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088354Member cik0001810747:FixedIncomeSecuritiesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088354Member cik0001810747:LeverageRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088354Member cik0001810747:LimitedHistoryRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088354Member cik0001810747:MarketAndGeopoliticalRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088354Member cik0001810747:NondiversifiedFundRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088354Member cik0001810747:OptionRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088354Member cik0001810747:OverthecounterMarketRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088354Member cik0001810747:PremiumdiscountTradingRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088354Member cik0001810747:UnderlyingFundRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088354Member cik0001810747:AffiliatedMoneyMarketEtfConflictOfInterestRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088953Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088953Member cik0001810747:ChinaRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088953Member cik0001810747:StockConnectIndirectInvestmentRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088953Member cik0001810747:EquitySecuritiesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088953Member cik0001810747:CurrencyRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088953Member cik0001810747:SmallAndMediumCapitalizationRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088953Member cik0001810747:ForeignClosedMarketTradingRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088953Member cik0001810747:DerivativesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088953Member cik0001810747:ActiveManagementRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088953Member cik0001810747:AdrRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088953Member cik0001810747:CashOrCashEquivalentsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088953Member cik0001810747:CounterpartyRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088953Member cik0001810747:EarlyClosetradingHaltRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088953Member cik0001810747:EtfStructureRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088953Member cik0001810747:LimitedHistoryRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088953Member cik0001810747:MarketAndGeopoliticalRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088953Member cik0001810747:NondiversifiedFundRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088953Member cik0001810747:OverthecounterMarketRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088953Member cik0001810747:VolatilityRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088953Member cik0001810747:TurnoverRateRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088953Member cik0001810747:UnderlyingFundRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088953Member cik0001810747:AffiliatedMoneyMarketEtfConflictOfInterestRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088953Member cik0001810747:USTreasuryAndAgencyMarketRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000095626Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000095626Member cik0001810747:CommodityRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000095626Member cik0001810747:ChinaRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000095626Member cik0001810747:FuturesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000095626Member cik0001810747:ActiveManagementRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000095626Member cik0001810747:LeverageRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000095626Member cik0001810747:LimitedHistoryRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000095626Member cik0001810747:MarketAndGeopoliticalRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000095626Member cik0001810747:SwapsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000095626Member cik0001810747:CashOrCashEquivalentsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000095626Member cik0001810747:RepurchaseAgreementRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000095626Member cik0001810747:RollingFuturesContractRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000095626Member cik0001810747:SubsidiaryInvestmentRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000095626Member cik0001810747:USTreasuryMarketRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000095626Member cik0001810747:NondiversificationRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000095626Member cik0001810747:AffiliatedMoneyMarketEtfConflictOfInterestRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000095626Member cik0001810747:EarlyClosetradingHaltRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000095626Member cik0001810747:EtfStructureRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000079963Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000079963Member cik0001810747:FixedIncomeSecuritiesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000079963Member cik0001810747:FuturesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000079963Member cik0001810747:SwapsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000079963Member cik0001810747:ActiveManagementRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000079963Member cik0001810747:CommodityRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000079963Member cik0001810747:DerivativesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000079963Member cik0001810747:EarlyClosetradingHaltRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000079963Member cik0001810747:EtfStructureRisksMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000079963Member cik0001810747:LeverageRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000079963Member cik0001810747:MarketAndGeopoliticalRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000079963Member cik0001810747:MoneyMarketFundsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000079963Member cik0001810747:AffiliatedMoneyMarketEtfConflictOfInterestRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000079963Member cik0001810747:RepurchaseAgreementRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000079963Member cik0001810747:RollingFuturesContractRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000079963Member cik0001810747:SubsidiaryInvestmentRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000079963Member cik0001810747:TurnoverRateRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000079963Member cik0001810747:USTreasuryMarketRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088353Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088353Member cik0001810747:ForeignCurrencyRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088353Member cik0001810747:ForwardContractsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088353Member cik0001810747:SwapRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088353Member cik0001810747:CounterpartyRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088353Member cik0001810747:FuturesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088353Member cik0001810747:ForeignInvestmentRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088353Member cik0001810747:EmergingMarketsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088353Member cik0001810747:ActiveManagementRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088353Member cik0001810747:CashOrCashEquivalentsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088353Member cik0001810747:EarlyClosetradingHaltRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088353Member cik0001810747:EtfStructureRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088353Member cik0001810747:LeverageRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088353Member cik0001810747:LimitedHistoryRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088353Member cik0001810747:MarketAndGeopoliticalRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088353Member cik0001810747:NondiversifiedFundRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088353Member cik0001810747:TurnoverRateRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088353Member cik0001810747:USTreasuryAndAgencyMarketRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088353Member cik0001810747:VolatilityRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088353Member cik0001810747:AffiliatedMoneyMarketEtfConflictOfInterestRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000100872Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000100872Member cik0001810747:CTARiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000100872Member cik0001810747:PassiveInvestmentRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000100872Member cik0001810747:FuturesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000100872Member cik0001810747:SwapsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000100872Member cik0001810747:MarketAndGeopoliticalRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000100872Member cik0001810747:IndexProviderRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000100872Member cik0001810747:TrackingErrorRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000100872Member cik0001810747:LimitedHistoryRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000100872Member cik0001810747:NondiversificationRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000100872Member cik0001810747:SubsidiaryInvestmentRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000100872Member cik0001810747:USTreasuryAndAgencyMarketRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000100872Member cik0001810747:UnderlyingFundRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000100872Member cik0001810747:AffiliatedMoneyMarketEtfConflictOfInterestRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000100872Member cik0001810747:EarlyClosetradingHaltRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000100872Member cik0001810747:EtfStructureRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077868Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077868Member cik0001810747:ActiveManagementRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077868Member cik0001810747:DerivativesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077868Member cik0001810747:OptionRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077868Member cik0001810747:USTreasuriesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077868Member cik0001810747:CommodityRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077868Member cik0001810747:CurrencyRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077868Member cik0001810747:CounterpartyRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077868Member cik0001810747:EarlyClosetradingHaltRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077868Member cik0001810747:EtfStructureRisksMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077868Member cik0001810747:FixedIncomeSecuritiesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077868Member cik0001810747:LeverageRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077868Member cik0001810747:MarketAndGeopoliticalRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077868Member cik0001810747:OverthecounterMarketRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077868Member cik0001810747:SubsidiaryInvestmentRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077868Member cik0001810747:UnderlyingFundRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077868Member cik0001810747:AffiliatedMoneyMarketEtfConflictOfInterestRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077868Member cik0001810747:VolatilityRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077868Member cik0001810747:TurnoverRateRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088355Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088355Member cik0001810747:GoldRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088355Member cik0001810747:GoldFuturesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088355Member cik0001810747:UnderlyingFundRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088355Member cik0001810747:DerivativesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088355Member cik0001810747:ActiveManagementRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088355Member cik0001810747:CashOrCashEquivalentsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088355Member cik0001810747:AffiliatedMoneyMarketEtfConflictOfInterestRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088355Member cik0001810747:ConcentrationRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088355Member cik0001810747:CounterpartyRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088355Member cik0001810747:EarlyClosetradingHaltRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088355Member cik0001810747:EtfStructureRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088355Member cik0001810747:FixedIncomeSecuritiesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088355Member cik0001810747:LeverageRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088355Member cik0001810747:MarketAndGeopoliticalRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088355Member cik0001810747:NondiversifiedFundRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088355Member cik0001810747:OverthecounterMarketRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088355Member cik0001810747:SubsidiaryInvestmentRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088355Member cik0001810747:TurnoverRateRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088355Member cik0001810747:USTreasuryAndAgencyMarketRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088355Member cik0001810747:VolatilityRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000093622Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000093622Member cik0001810747:InterestsRateRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000093622Member cik0001810747:USTreasuryMarketRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000093622Member cik0001810747:USGovernmentObligationsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000093622Member cik0001810747:RepurchaseAgreementsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000093622Member cik0001810747:CreditsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000093622Member cik0001810747:FixedIncomeSecuritiesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000093622Member cik0001810747:MarketAndGeopoliticalRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000093622Member cik0001810747:LimitedHistoryRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000093622Member cik0001810747:ManagementRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000093622Member cik0001810747:VariableAndFloatingRateInstrumentRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000093622Member cik0001810747:WhenissuedDelayedDeliveryAndForwardCommitmentsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000093622Member cik0001810747:EtfStructureRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073751Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073751Member cik0001810747:ActiveManagementRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073751Member cik0001810747:BiotechnologyIndustryRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073751Member cik0001810747:ConcentrationRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073751Member cik0001810747:EarlyClosetradingHaltRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073751Member cik0001810747:EquitySecuritiesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073751Member cik0001810747:EtfStructureRisksMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073751Member cik0001810747:HealthCareRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073751Member cik0001810747:LargeCapitalizationRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073751Member cik0001810747:MarketAndGeopoliticalRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073751Member cik0001810747:MedicalProductAndDeviceCompanyRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073751Member cik0001810747:MicroCapitalizationStockRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073751Member cik0001810747:PharmaceuticalCompanyRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073751Member cik0001810747:RepurchaseAgreementsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073751Member cik0001810747:SmallAndMediumCapitalizationStockRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073751Member cik0001810747:TurnoverRateRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073751Member cik0001810747:UnderlyingFundRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073751Member cik0001810747:AffiliatedMoneyMarketEtfConflictOfInterestRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073925Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073925Member cik0001810747:EquitySecuritiesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073925Member cik0001810747:PutspreadCollarStrategyRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073925Member cik0001810747:ActiveManagementRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073925Member cik0001810747:DerivativesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073925Member cik0001810747:EarlyClosetradingHaltRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073925Member cik0001810747:EtfStructureRisksMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073925Member cik0001810747:FuturesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073925Member cik0001810747:LargeCapitalizationRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073925Member cik0001810747:LeverageRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073925Member cik0001810747:MarketAndGeopoliticalRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073925Member cik0001810747:UnderlyingFundRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073925Member cik0001810747:AffiliatedMoneyMarketEtfConflictOfInterestRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075090Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075090Member cik0001810747:JunkBondRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075090Member cik0001810747:ActiveManagementRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075090Member cik0001810747:CashOrCashEquivalentsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075090Member cik0001810747:CommodityAndCurrencyRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075090Member cik0001810747:DerivativesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075090Member cik0001810747:EarlyClosetradingHaltRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075090Member cik0001810747:EquitySecuritiesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075090Member cik0001810747:EtfStructureRisksMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075090Member cik0001810747:FixedIncomeSecuritiesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075090Member cik0001810747:FuturesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075090Member cik0001810747:LeverageRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075090Member cik0001810747:MarketAndGeopoliticalRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075090Member cik0001810747:OptionRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075090Member cik0001810747:OverthecounterMarketRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075090Member cik0001810747:SwapRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075090Member cik0001810747:UnderlyingFundRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075090Member cik0001810747:AffiliatedMoneyMarketEtfConflictOfInterestRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071793Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071793Member cik0001810747:SwaptionsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071793Member cik0001810747:ActiveManagementRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071793Member cik0001810747:CashOrCashEquivalentsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071793Member cik0001810747:VolatilityRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071793Member cik0001810747:USTreasuryAndAgencyMarketRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071793Member cik0001810747:CounterpartyRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071793Member cik0001810747:DerivativesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071793Member cik0001810747:FuturesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071793Member cik0001810747:EarlyClosetradingHaltRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071793Member cik0001810747:EtfStructureRisksMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071793Member cik0001810747:FixedIncomeSecuritiesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071793Member cik0001810747:LeverageRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071793Member cik0001810747:MarketAndGeopoliticalRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071793Member cik0001810747:NondiversificationRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071793Member cik0001810747:OptionRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071793Member cik0001810747:OverthecounterMarketRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071793Member cik0001810747:PremiumdiscountTradingRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071793Member cik0001810747:AffiliatedMoneyMarketEtfConflictOfInterestRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071793Member cik0001810747:UnderlyingFundRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073384Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073384Member cik0001810747:USTreasuriesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073384Member cik0001810747:FuturesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073384Member cik0001810747:QuarterlyRebalancingRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073384Member cik0001810747:ShorttermInvestmentRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073384Member cik0001810747:ActiveManagementRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073384Member cik0001810747:CashOrCashEquivalentsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073384Member cik0001810747:AffiliatedMoneyMarketEtfConflictOfInterestRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073384Member cik0001810747:CounterpartyRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073384Member cik0001810747:DerivativesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073384Member cik0001810747:EarlyClosetradingHaltRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073384Member cik0001810747:EtfStructureRisksMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073384Member cik0001810747:FixedIncomeSecuritiesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073384Member cik0001810747:LeverageRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073384Member cik0001810747:MarketAndGeopoliticalRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073384Member cik0001810747:OptionRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073384Member cik0001810747:OverthecounterMarketRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073384Member cik0001810747:UnderlyingFundRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075092Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075092Member cik0001810747:FuturesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075092Member cik0001810747:ActiveManagementRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075092Member cik0001810747:CommodityAndCurrencyRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075092Member cik0001810747:DerivativesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075092Member cik0001810747:EarlyClosetradingHaltRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075092Member cik0001810747:EtfStructureRisksMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075092Member cik0001810747:LeverageRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075092Member cik0001810747:MarketAndGeopoliticalRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075092Member cik0001810747:RollingFuturesContractRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075092Member cik0001810747:ReverseRepurchaseAgreementsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075092Member cik0001810747:SubsidiaryInvestmentRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075092Member cik0001810747:SwapsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075092Member cik0001810747:AffiliatedMoneyMarketEtfConflictOfInterestRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075092Member cik0001810747:USTreasuryMarketRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000082966Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000082966Member cik0001810747:MortgagerelatedRisksMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000082966Member cik0001810747:TBASecuritiesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000082966Member cik0001810747:USTreasuryAndAgencyMarketRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000082966Member cik0001810747:FixedIncomeSecuritiesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000082966Member cik0001810747:ActiveManagementRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000082966Member cik0001810747:ConcentrationRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000082966Member cik0001810747:CashOrCashEquivalentsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000082966Member cik0001810747:AffiliatedMoneyMarketEtfConflictOfInterestRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000082966Member cik0001810747:CounterpartyRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000082966Member cik0001810747:DerivativesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000082966Member cik0001810747:DollarRollRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000082966Member cik0001810747:EarlyClosetradingHaltRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000082966Member cik0001810747:EtfStructureRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000082966Member cik0001810747:LeverageRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000082966Member cik0001810747:MarketAndGeopoliticalRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000082966Member cik0001810747:OptionsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000082966Member cik0001810747:OverthecounterMarketRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000082966Member cik0001810747:SwapRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000082966Member cik0001810747:UnderlyingFundRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080584Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080584Member cik0001810747:DerivativesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080584Member cik0001810747:LeverageRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080584Member cik0001810747:ActiveManagementRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080584Member cik0001810747:CashOrCashEquivalentsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080584Member cik0001810747:CommodityRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080584Member cik0001810747:EarlyClosetradingHaltRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080584Member cik0001810747:EmergingMarketsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080584Member cik0001810747:EtfStructureRisksMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080584Member cik0001810747:EquitySecuritiesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080584Member cik0001810747:FixedIncomeSecuritiesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080584Member cik0001810747:ForeignCurrencyRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080584Member cik0001810747:ForeignExchangeRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080584Member cik0001810747:ForeignInvestmentRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080584Member cik0001810747:FuturesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080584Member cik0001810747:JunkBondRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080584Member cik0001810747:MarketAndGeopoliticalRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080584Member cik0001810747:OverthecounterMarketRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080584Member cik0001810747:SmallAndMediumCapitalizationRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080584Member cik0001810747:SubsidiaryInvestmentRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080584Member cik0001810747:TurnoverRateRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080584Member cik0001810747:UnderlyingFundRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080584Member cik0001810747:AffiliatedMoneyMarketEtfConflictOfInterestRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080584Member cik0001810747:USTreasuriesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080584Member cik0001810747:USTreasuryMarketRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080584Member cik0001810747:VolatilityRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077857Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077857Member cik0001810747:USTreasuriesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077857Member cik0001810747:FuturesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077857Member cik0001810747:QuarterlyRebalancingRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077857Member cik0001810747:ShorttermInvestmentRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077857Member cik0001810747:ActiveManagementRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077857Member cik0001810747:CashOrCashEquivalentsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077857Member cik0001810747:CounterpartyRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077857Member cik0001810747:DerivativesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077857Member cik0001810747:EarlyClosetradingHaltRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077857Member cik0001810747:EtfStructureRisksMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077857Member cik0001810747:FixedIncomeSecuritiesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077857Member cik0001810747:LeverageRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077857Member cik0001810747:MarketAndGeopoliticalRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077857Member cik0001810747:OptionRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077857Member cik0001810747:OverthecounterMarketRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077857Member cik0001810747:UnderlyingFundRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077857Member cik0001810747:AffiliatedMoneyMarketEtfConflictOfInterestRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091619Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091619Member cik0001810747:ActiveManagementRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091619Member cik0001810747:EquitySecuritiesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091619Member cik0001810747:MarketAndGeopoliticalRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091619Member cik0001810747:DerivativesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091619Member cik0001810747:OptionRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091619Member cik0001810747:SwapsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091619Member cik0001810747:ForwardContractRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091619Member cik0001810747:CounterpartyRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091619Member cik0001810747:LeverageRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091619Member cik0001810747:LimitedHistoryRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091619Member cik0001810747:OverthecounterMarketRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091619Member cik0001810747:DistributionPolicyRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091619Member cik0001810747:SmallAndMediumCapitalizationRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091619Member cik0001810747:LargeCapitalizationCompaniesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091619Member cik0001810747:NondiversifiedFundRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091619Member cik0001810747:FixedIncomeSecuritiesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091619Member cik0001810747:USTreasuryAndAgencyMarketRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091619Member cik0001810747:UnderlyingFundRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091619Member cik0001810747:AffiliatedMoneyMarketEtfConflictOfInterestRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091619Member cik0001810747:EarlyClosetradingHaltRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091619Member cik0001810747:ETFStructuresRisksMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077869Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077869Member cik0001810747:ActiveManagementRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077869Member cik0001810747:DerivativesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077869Member cik0001810747:OptionRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077869Member cik0001810747:USTreasuriesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077869Member cik0001810747:TIPSRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077869Member cik0001810747:USTreasuryMarketRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077869Member cik0001810747:CashOrCashEquivalentsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077869Member cik0001810747:CounterpartyRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077869Member cik0001810747:EarlyClosetradingHaltRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077869Member cik0001810747:EtfStructureRisksMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077869Member cik0001810747:FixedIncomeSecuritiesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077869Member cik0001810747:FuturesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077869Member cik0001810747:LeverageRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077869Member cik0001810747:MarketAndGeopoliticalRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077869Member cik0001810747:OverthecounterMarketRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077869Member cik0001810747:TurnoverRateRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077869Member cik0001810747:UnderlyingFundRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077869Member cik0001810747:AffiliatedMoneyMarketEtfConflictOfInterestRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071926Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071926Member cik0001810747:BitcoinRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071926Member cik0001810747:ActiveManagementRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071926Member cik0001810747:AffiliatedETFConflictOfInterestRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071926Member cik0001810747:BitcoinETFRisksMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071926Member cik0001810747:DerivativesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071926Member cik0001810747:EarlyClosetradingHaltRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071926Member cik0001810747:EquitySecuritiesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071926Member cik0001810747:EtfStructureRisksMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071926Member cik0001810747:ExchangeTradedProductETPRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071926Member cik0001810747:FuturesContractRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071926Member cik0001810747:LargeCapitalizationRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071926Member cik0001810747:MarketAndGeopoliticalRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071926Member cik0001810747:SmallAndMediumCapitalizationRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071926Member cik0001810747:UnderlyingFundRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071926Member cik0001810747:AffiliatedMoneyMarketEtfConflictOfInterestRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071926Member cik0001810747:ValuationRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069152Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069152Member cik0001810747:ActiveManagementRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069152Member cik0001810747:CommodityRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069152Member cik0001810747:CurrencyRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069152Member cik0001810747:DerivativesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069152Member cik0001810747:EarlyClosetradingHaltRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069152Member cik0001810747:EquitySecuritiesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069152Member cik0001810747:EtfStructureRisksMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069152Member cik0001810747:FixedIncomeRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069152Member cik0001810747:LargeCapitalizationRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069152Member cik0001810747:LeverageRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069152Member cik0001810747:MarketAndGeopoliticalRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069152Member cik0001810747:OptionRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069152Member cik0001810747:OverthecounterMarketRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069152Member cik0001810747:SmallAndMediumCapitalizationRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069152Member cik0001810747:UnderlyingFundRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069152Member cik0001810747:AffiliatedMoneyMarketEtfConflictOfInterestRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069152Member cik0001810747:VolatilityRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069152Member cik0001810747:TurnoverRateRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069153Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069153Member cik0001810747:ActiveManagementRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069153Member cik0001810747:CommodityRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069153Member cik0001810747:CurrencyRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069153Member cik0001810747:DerivativesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069153Member cik0001810747:EarlyClosetradingHaltRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069153Member cik0001810747:EquitySecuritiesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069153Member cik0001810747:EtfStructureRisksMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069153Member cik0001810747:FixedIncomeRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069153Member cik0001810747:LargeCapitalizationRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069153Member cik0001810747:LeverageRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069153Member cik0001810747:MarketAndGeopoliticalRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069153Member cik0001810747:OptionRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069153Member cik0001810747:OverthecounterMarketRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069153Member cik0001810747:SmallAndMediumCapitalizationRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069153Member cik0001810747:UnderlyingFundRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069153Member cik0001810747:AffiliatedMoneyMarketEtfConflictOfInterestRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069153Member cik0001810747:VolatilityRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069153Member cik0001810747:TurnoverRateRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000096492Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000096492Member cik0001810747:EquitySecuritiesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000096492Member cik0001810747:MarketAndGeopoliticalRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000096492Member cik0001810747:ActiveManagementRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000096492Member cik0001810747:TotalReturnSwapRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000096492Member cik0001810747:FuturesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000096492Member cik0001810747:LimitedHistoryRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000096492Member cik0001810747:NondiversifiedFundRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000096492Member cik0001810747:UnderlyingFundRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000096492Member cik0001810747:EarlyClosetradingHaltRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000096492Member cik0001810747:EtfStructureRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069154Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069154Member cik0001810747:ActiveManagementRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069154Member cik0001810747:CashOrCashEquivalentsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069154Member cik0001810747:DerivativesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069154Member cik0001810747:EarlyClosetradingHaltRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069154Member cik0001810747:EquitySecuritiesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069154Member cik0001810747:EtfStructureRisksMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069154Member cik0001810747:FuturesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069154Member cik0001810747:LargeCapitalizationRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069154Member cik0001810747:LeverageRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069154Member cik0001810747:MarketAndGeopoliticalRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069154Member cik0001810747:OptionRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069154Member cik0001810747:OverthecounterMarketRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069154Member cik0001810747:SmallAndMediumCapitalizationRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069154Member cik0001810747:UnderlyingFundRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069154Member cik0001810747:AffiliatedEtfConflictOfInterestsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071794Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071794Member cik0001810747:VixFuturesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071794Member cik0001810747:DailyRebalancingRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071794Member cik0001810747:ShorttermInvestmentRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071794Member cik0001810747:ActiveManagementRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071794Member cik0001810747:AffiliatedETFConflictofInterestRisksMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071794Member cik0001810747:BorrowingRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071794Member cik0001810747:CashOrCashEquivalentsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071794Member cik0001810747:AffiliatedMoneyMarketEtfConflictOfInterestRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071794Member cik0001810747:CompoundingRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071794Member cik0001810747:CounterpartyRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071794Member cik0001810747:DerivativesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071794Member cik0001810747:EarlyClosetradingHaltRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071794Member cik0001810747:EtfStructureRisksMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071794Member cik0001810747:FixedIncomeSecuritiesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071794Member cik0001810747:InverseCorrelationRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071794Member cik0001810747:LeverageRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071794Member cik0001810747:MarketAndGeopoliticalRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071794Member cik0001810747:OptionRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071794Member cik0001810747:OverthecounterMarketRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071794Member cik0001810747:ReverseRepurchaseAgreementRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071794Member cik0001810747:TurnoverRateRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071794Member cik0001810747:UnderlyingFundRiskETFMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071794Member cik0001810747:VolatilityRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071794Member cik0001810747:WhollyownedSubsidiaryRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000085697Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000085697Member cik0001810747:FixedIncomeSecuritiesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000085697Member cik0001810747:EmergingMarketsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000085697Member cik0001810747:LatinAmericaRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000085697Member cik0001810747:ActiveManagementRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000085697Member cik0001810747:CounterpartyAndCreditRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000085697Member cik0001810747:CreditDefaultSwapsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000085697Member cik0001810747:CdxIndicesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000085697Member cik0001810747:DerivativesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000085697Member cik0001810747:EarlyClosetradingHaltRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000085697Member cik0001810747:EtfStructureRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000085697Member cik0001810747:ForeignInvestmentRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000085697Member cik0001810747:ForeignCurrencyRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000085697Member cik0001810747:ForwardContractsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000085697Member cik0001810747:FuturesContractRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000085697Member cik0001810747:LimitedHistoryRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000085697Member cik0001810747:MarketAndGeopoliticalRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000085697Member cik0001810747:NondiversificationRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000085697Member cik0001810747:AffiliatedMoneyMarketEtfConflictOfInterestRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091848Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091848Member cik0001810747:ActiveManagementRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091848Member cik0001810747:CreditsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091848Member cik0001810747:HighYieldRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091848Member cik0001810747:InterestRatesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091848Member cik0001810747:IndustryConcentrationRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091848Member cik0001810747:ConvertibleSecuritiesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091848Member cik0001810747:ForeignCurrencyRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091848Member cik0001810747:ForeignInvestmentRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091848Member cik0001810747:SmallAndMediumCapitalizationRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091848Member cik0001810747:DerivativesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091848Member cik0001810747:CashOrCashEquivalentsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091848Member cik0001810747:CounterpartyRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091848Member cik0001810747:LimitedHistoryRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091848Member cik0001810747:MarketAndGeopoliticalRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091848Member cik0001810747:NondiversifiedFundRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091848Member cik0001810747:OverthecounterMarketRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091848Member cik0001810747:PreferredStockRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091848Member cik0001810747:TurnoverRateRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091848Member cik0001810747:USTreasurtAndAgencyMarketRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091848Member cik0001810747:AffiliatedMoneyMarketEtfConflictOfInterestRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091848Member cik0001810747:EarlyClosetradingHaltRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091848Member cik0001810747:EtfStructureRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000085698Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000085698Member cik0001810747:FixedIncomeSecuritiesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000085698Member cik0001810747:ActiveManagementRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000085698Member cik0001810747:DerivativesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000085698Member cik0001810747:OptionRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000085698Member cik0001810747:CommodityRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000085698Member cik0001810747:CounterpartyRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000085698Member cik0001810747:EarlyClosetradingHaltRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000085698Member cik0001810747:EtfStructureRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000085698Member cik0001810747:LeverageRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000085698Member cik0001810747:LimitedHistoryRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000085698Member cik0001810747:MarketAndGeopoliticalRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000085698Member cik0001810747:MunicipalSecuritiesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000085698Member cik0001810747:OverthecounterMarketRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000085698Member cik0001810747:TaxexemptMunicipalBondRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000085698Member cik0001810747:TurnoverRateRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000085698Member cik0001810747:UnderlyingFundRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000085698Member cik0001810747:AffiliatedMoneyMarketEtfConflictOfInterestRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000085698Member cik0001810747:USTreasuryMarketRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000085698Member cik0001810747:VolatilityRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080585Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080585Member cik0001810747:FixedIncomeSecuritiesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080585Member cik0001810747:JunkBondRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080585Member cik0001810747:PreferredStockRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080585Member cik0001810747:ConvertibleBondRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080585Member cik0001810747:DerivativesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080585Member cik0001810747:ActiveManagementRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080585Member cik0001810747:CounterpartyRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080585Member cik0001810747:CdxRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080585Member cik0001810747:CreditDefaultSwapsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080585Member cik0001810747:EarlyClosetradingHaltRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080585Member cik0001810747:EmergingMarketsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080585Member cik0001810747:EtfStructureRisksMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080585Member cik0001810747:ForeignInvestmentRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080585Member cik0001810747:ForeignCurrencyRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080585Member cik0001810747:FuturesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080585Member cik0001810747:IlliquidSecuritiesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080585Member cik0001810747:LimitedHistoryOfOperationRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080585Member cik0001810747:MarketAndGeopoliticalRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080585Member cik0001810747:OverthecounterMarketRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080585Member cik0001810747:SwapRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080585Member cik0001810747:SwaptionsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080585Member cik0001810747:TurnoverRateRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080585Member cik0001810747:UnderlyingFundRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080585Member cik0001810747:AffiliatedMoneyMarketEtfConflictOfInterestRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080585Member cik0001810747:USTreasuriesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080585Member cik0001810747:USTreasuryMarketRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091859Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091859Member cik0001810747:EquitySecuritiesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091859Member cik0001810747:SmallCapitalizationRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091859Member cik0001810747:MarketAndGeopoliticalRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091859Member cik0001810747:ActiveManagementRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091859Member cik0001810747:DerivativesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091859Member cik0001810747:CounterpartyRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091859Member cik0001810747:LeverageRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091859Member cik0001810747:LimitedHistoryRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091859Member cik0001810747:NondiversifiedFundRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091859Member cik0001810747:OverthecounterMarketRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091859Member cik0001810747:USTreasuryAndAgencyMarketRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091859Member cik0001810747:VolatilityRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091859Member cik0001810747:AffiliatedMoneyMarketEtfConflictOfInterestRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091859Member cik0001810747:EarlyClosetradingHaltRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091859Member cik0001810747:EtfStructureRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091859Member cik0001810747:TurnoverRateRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000078061Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000078061Member cik0001810747:ActiveManagementRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000078061Member cik0001810747:IndustryConcentrationRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000078061Member cik0001810747:EnergyIndustryRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000078061Member cik0001810747:EquityRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000078061Member cik0001810747:MarketAndGeopoliticalRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000078061Member cik0001810747:SmallAndMediumCapitalizationRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000078061Member cik0001810747:MicroCapitalizationStockRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000078061Member cik0001810747:CommodityRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000078061Member cik0001810747:ConvertibleBondRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000078061Member cik0001810747:DerivativesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000078061Member cik0001810747:ForeignSecuritiesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000078061Member cik0001810747:JunkBondRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000078061Member cik0001810747:LimitedHistoryRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000078061Member cik0001810747:LiquidityRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000078061Member cik0001810747:NondiversificationRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000078061Member cik0001810747:OilPipelineLimitedPartnershipRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000078061Member cik0001810747:OverthecounterMarketRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000078061Member cik0001810747:PreferredStockRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000078061Member cik0001810747:PrivatelyPlacedAndOtherRestrictedSecuritiesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000078061Member cik0001810747:StructuredNoteRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000078061Member cik0001810747:UnderlyingFundsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000078061Member cik0001810747:AffiliatedMoneyMarketEtfConflictOfInterestRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000078061Member cik0001810747:EarlyClosetradingHaltRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000078061Member cik0001810747:EtfStructureRisksMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000084069Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000084069Member cik0001810747:EmergingMarketsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000084069Member cik0001810747:FocusedPortfolioRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000084069Member cik0001810747:ForeignCurrencyRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000084069Member cik0001810747:ForeignInvestmentRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000084069Member cik0001810747:IndiaRegulatoryRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000084069Member cik0001810747:IndiaRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000084069Member cik0001810747:IndiaTaxRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000084069Member cik0001810747:SmallAndMediumCapitalizationRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000084069Member cik0001810747:ForeignExchangeRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000084069Member cik0001810747:ActiveManagementRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000084069Member cik0001810747:AdrAndGdrRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000084069Member cik0001810747:SectorConcentrationRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000084069Member cik0001810747:EarlyClosetradingHaltRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000084069Member cik0001810747:EquityRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000084069Member cik0001810747:EtfStructureRisksMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000084069Member cik0001810747:LimitedHistoryOfOperationsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000084069Member cik0001810747:MarketAndGeopoliticalRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000084069Member cik0001810747:MicroCapitalizationStockRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000084069Member cik0001810747:ParticipatoryNotesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000084069Member cik0001810747:SwapRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000084069Member cik0001810747:UnderlyingFundsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091620Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091620Member cik0001810747:ActiveManagementRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091620Member cik0001810747:EquitySecuritiesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091620Member cik0001810747:MarketAndGeopoliticalRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091620Member cik0001810747:DerivativesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091620Member cik0001810747:OptionRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091620Member cik0001810747:SwapsRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091620Member cik0001810747:ForwardContractRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091620Member cik0001810747:CounterpartyRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091620Member cik0001810747:LeverageRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091620Member cik0001810747:LimitedHistoryRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091620Member cik0001810747:OverthecounterMarketRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091620Member cik0001810747:DistributionPolicyRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091620Member cik0001810747:SmallAndMediumCapitalizationRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091620Member cik0001810747:LargeCapitalizationCompaniesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091620Member cik0001810747:NondiversifiedFundRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091620Member cik0001810747:FixedIncomeSecuritiesRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091620Member cik0001810747:USTreasuryAndAgencyMarketRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091620Member cik0001810747:UnderlyingFundRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091620Member cik0001810747:EarlyClosetradingHaltRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091620Member cik0001810747:EtfStructureRisksMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091620Member cik0001810747:AffiliatedMoneyMarketEtfConflictOfInterestRiskMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075089Member cik0001810747:C000233894Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091618Member cik0001810747:C000259296Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000076784Member cik0001810747:C000236819Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088354Member cik0001810747:C000254610Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088953Member cik0001810747:C000255354Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000095626Member cik0001810747:C000264354Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000079963Member cik0001810747:C000241460Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088353Member cik0001810747:C000254609Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000100872Member cik0001810747:C000270793Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000100872Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000100872Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000100872Member oef:RiskNondiversifiedStatusMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077868Member cik0001810747:C000238456Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088355Member cik0001810747:C000254611Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000093622Member cik0001810747:C000262018Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000093622Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073751Member cik0001810747:C000230898Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073925Member cik0001810747:C000231201Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075090Member cik0001810747:C000233895Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071793Member cik0001810747:C000227299Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073384Member cik0001810747:C000230231Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075092Member cik0001810747:C000233897Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075092Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000082966Member cik0001810747:C000246389Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080584Member cik0001810747:C000243093Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080584Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077857Member cik0001810747:C000238444Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091619Member cik0001810747:C000259297Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077869Member cik0001810747:C000238457Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071926Member cik0001810747:C000227543Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069152Member cik0001810747:C000220986Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069153Member cik0001810747:C000220987Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000096492Member cik0001810747:C000265327Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069154Member cik0001810747:C000220988Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071794Member cik0001810747:C000227300Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000085697Member cik0001810747:C000251041Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091848Member cik0001810747:C000259668Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000085698Member cik0001810747:C000251042Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080585Member cik0001810747:C000243094Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091859Member cik0001810747:C000259701Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091859Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091859Member oef:RiskNondiversifiedStatusMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000078061Member cik0001810747:C000238807Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000084069Member cik0001810747:C000248321Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091620Member cik0001810747:C000259298Member 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075089Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091618Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091618Member oef:RiskNondiversifiedStatusMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000076784Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000076784Member oef:RiskNondiversifiedStatusMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088354Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088354Member oef:RiskNondiversifiedStatusMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088953Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088953Member oef:RiskNondiversifiedStatusMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000095626Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000095626Member oef:RiskNondiversifiedStatusMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000079963Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088353Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088353Member oef:RiskNondiversifiedStatusMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077868Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088355Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088355Member oef:RiskNondiversifiedStatusMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073751Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073925Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075090Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071793Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071793Member oef:RiskNondiversifiedStatusMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073384Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000082966Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077857Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091619Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091619Member oef:RiskNondiversifiedStatusMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077869Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071926Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069152Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069153Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000096492Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000096492Member oef:RiskNondiversifiedStatusMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069154Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071794Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000085697Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000085697Member oef:RiskNondiversifiedStatusMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091848Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091848Member oef:RiskNondiversifiedStatusMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000085698Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080585Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000078061Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000078061Member oef:RiskNondiversifiedStatusMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000084069Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091620Member oef:RiskLoseMoneyMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091620Member oef:RiskNondiversifiedStatusMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075089Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091618Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000076784Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088354Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088953Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000095626Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000079963Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088353Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077868Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000088355Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000093622Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073751Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073925Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075090Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071793Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000073384Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000075092Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000082966Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080584Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077857Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091619Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000077869Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071926Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069152Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069153Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000096492Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000069154Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000071794Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000085697Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091848Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000085698Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000080585Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091859Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000078061Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000084069Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-10-28 2026-10-28 0001810747 cik0001810747:S000091620Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-10-28 2026-10-28 0001810747 cik0001810747:C000233894Member 2023-01-01 2023-12-31 0001810747 cik0001810747:C000233894Member 2024-01-01 2024-12-31 0001810747 cik0001810747:C000233894Member 2025-01-01 2025-12-31 0001810747 cik0001810747:C000236819Member 2023-01-01 2023-12-31 0001810747 cik0001810747:C000236819Member 2024-01-01 2024-12-31 0001810747 cik0001810747:C000236819Member 2025-01-01 2025-12-31 0001810747 cik0001810747:C000254610Member 2025-01-01 2025-12-31 0001810747 cik0001810747:C000241460Member 2024-01-01 2024-12-31 0001810747 cik0001810747:C000241460Member 2025-01-01 2025-12-31 0001810747 cik0001810747:C000238456Member 2023-01-01 2023-12-31 0001810747 cik0001810747:C000238456Member 2024-01-01 2024-12-31 0001810747 cik0001810747:C000238456Member 2025-01-01 2025-12-31 0001810747 cik0001810747:C000254611Member 2025-01-01 2025-12-31 0001810747 cik0001810747:C000230898Member 2022-01-01 2022-12-31 0001810747 cik0001810747:C000230898Member 2023-01-01 2023-12-31 0001810747 cik0001810747:C000230898Member 2024-01-01 2024-12-31 0001810747 cik0001810747:C000230898Member 2025-01-01 2025-12-31 0001810747 cik0001810747:C000231201Member 2022-01-01 2022-12-31 0001810747 cik0001810747:C000231201Member 2023-01-01 2023-12-31 0001810747 cik0001810747:C000231201Member 2024-01-01 2024-12-31 0001810747 cik0001810747:C000231201Member 2025-01-01 2025-12-31 0001810747 cik0001810747:C000233895Member 2023-01-01 2023-12-31 0001810747 cik0001810747:C000233895Member 2024-01-01 2024-12-31 0001810747 cik0001810747:C000233895Member 2025-01-01 2025-12-31 0001810747 cik0001810747:C000227299Member 2022-01-01 2022-12-31 0001810747 cik0001810747:C000227299Member 2023-01-01 2023-12-31 0001810747 cik0001810747:C000227299Member 2024-01-01 2024-12-31 0001810747 cik0001810747:C000227299Member 2025-01-01 2025-12-31 0001810747 cik0001810747:C000230231Member 2022-01-01 2022-12-31 0001810747 cik0001810747:C000230231Member 2023-01-01 2023-12-31 0001810747 cik0001810747:C000230231Member 2024-01-01 2024-12-31 0001810747 cik0001810747:C000230231Member 2025-01-01 2025-12-31 0001810747 cik0001810747:C000233897Member 2023-01-01 2023-12-31 0001810747 cik0001810747:C000233897Member 2024-01-01 2024-12-31 0001810747 cik0001810747:C000233897Member 2025-01-01 2025-12-31 0001810747 cik0001810747:C000246389Member 2024-01-01 2024-12-31 0001810747 cik0001810747:C000246389Member 2025-01-01 2025-12-31 0001810747 cik0001810747:C000243093Member 2024-01-01 2024-12-31 0001810747 cik0001810747:C000243093Member 2025-01-01 2025-12-31 0001810747 cik0001810747:C000238444Member 2023-01-01 2023-12-31 0001810747 cik0001810747:C000238444Member 2024-01-01 2024-12-31 0001810747 cik0001810747:C000238444Member 2025-01-01 2025-12-31 0001810747 cik0001810747:C000238457Member 2023-01-01 2023-12-31 0001810747 cik0001810747:C000238457Member 2024-01-01 2024-12-31 0001810747 cik0001810747:C000238457Member 2025-01-01 2025-12-31 0001810747 cik0001810747:C000227543Member 2022-01-01 2022-12-31 0001810747 cik0001810747:C000227543Member 2023-01-01 2023-12-31 0001810747 cik0001810747:C000227543Member 2024-01-01 2024-12-31 0001810747 cik0001810747:C000227543Member 2025-01-01 2025-12-31 0001810747 cik0001810747:C000220986Member 2021-01-01 2021-12-31 0001810747 cik0001810747:C000220986Member 2022-01-01 2022-12-31 0001810747 cik0001810747:C000220986Member 2023-01-01 2023-12-31 0001810747 cik0001810747:C000220986Member 2024-01-01 2024-12-31 0001810747 cik0001810747:C000220986Member 2025-01-01 2025-12-31 0001810747 cik0001810747:C000220987Member 2021-01-01 2021-12-31 0001810747 cik0001810747:C000220987Member 2022-01-01 2022-12-31 0001810747 cik0001810747:C000220987Member 2023-01-01 2023-12-31 0001810747 cik0001810747:C000220987Member 2024-01-01 2024-12-31 0001810747 cik0001810747:C000220987Member 2025-01-01 2025-12-31 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:C000227300Member 2022-01-01 2022-12-31 0001810747 cik0001810747:C000227300Member 2023-01-01 2023-12-31 0001810747 cik0001810747:C000227300Member 2024-01-01 2024-12-31 0001810747 cik0001810747:C000227300Member 2025-01-01 2025-12-31 0001810747 cik0001810747:C000227300Member 2026-10-28 2026-10-28 0001810747 cik0001810747:C000227300Member 2021-05-12 2025-12-31 0001810747 cik0001810747:C000227300Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000227300Member oef:AfterTaxesOnDistributionsMember 2021-05-12 2025-12-31 0001810747 cik0001810747:C000227300Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000227300Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-05-12 2025-12-31 0001810747 cik0001810747:C000227300Member cik0001810747:SAndP500TRIndexReflectsNoDeductionForFeesExpensesOrTaxeMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000227300Member cik0001810747:SAndP500TRIndexReflectsNoDeductionForFeesExpensesOrTaxeMember 2021-05-12 2025-12-31 0001810747 cik0001810747:C000251041Member 2025-01-01 2025-12-31 0001810747 cik0001810747:C000251042Member 2025-01-01 2025-12-31 0001810747 cik0001810747:C000243094Member 2024-01-01 2024-12-31 0001810747 cik0001810747:C000243094Member 2025-01-01 2025-12-31 0001810747 cik0001810747:C000238807Member 2024-01-01 2024-12-31 0001810747 cik0001810747:C000238807Member 2025-01-01 2025-12-31 0001810747 cik0001810747:C000248321Member 2025-01-01 2025-12-31 0001810747 cik0001810747:C000233894Member 2026-10-28 2026-10-28 0001810747 cik0001810747:C000233894Member 2022-02-14 2025-12-31 0001810747 cik0001810747:C000233894Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000233894Member oef:AfterTaxesOnDistributionsMember 2022-02-14 2025-12-31 0001810747 cik0001810747:C000233894Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000233894Member oef:AfterTaxesOnDistributionsAndSalesMember 2022-02-14 2025-12-31 0001810747 cik0001810747:C000233894Member cik0001810747:BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000233894Member cik0001810747:BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2022-02-14 2025-12-31 0001810747 cik0001810747:C000236819Member 2026-10-28 2026-10-28 0001810747 cik0001810747:C000236819Member 2022-09-29 2025-12-31 0001810747 cik0001810747:C000236819Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000236819Member oef:AfterTaxesOnDistributionsMember 2022-09-29 2025-12-31 0001810747 cik0001810747:C000236819Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000236819Member oef:AfterTaxesOnDistributionsAndSalesMember 2022-09-29 2025-12-31 0001810747 cik0001810747:C000236819Member cik0001810747:SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000236819Member cik0001810747:SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2022-09-29 2025-12-31 0001810747 cik0001810747:C000254610Member 2026-10-28 2026-10-28 0001810747 cik0001810747:C000254610Member 2024-12-09 2025-12-31 0001810747 cik0001810747:C000254610Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000254610Member oef:AfterTaxesOnDistributionsMember 2024-12-09 2025-12-31 0001810747 cik0001810747:C000254610Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000254610Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-12-09 2025-12-31 0001810747 cik0001810747:C000254610Member cik0001810747:BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000254610Member cik0001810747:BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2024-12-09 2025-12-31 0001810747 cik0001810747:C000254610Member cik0001810747:ICEBofALongUSTreasuryPrincipalSTRIPSIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000254610Member cik0001810747:ICEBofALongUSTreasuryPrincipalSTRIPSIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2024-12-09 2025-12-31 0001810747 cik0001810747:C000241460Member 2026-10-28 2026-10-28 0001810747 cik0001810747:C000241460Member 2023-03-27 2025-12-31 0001810747 cik0001810747:C000241460Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000241460Member oef:AfterTaxesOnDistributionsMember 2023-03-27 2025-12-31 0001810747 cik0001810747:C000241460Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000241460Member oef:AfterTaxesOnDistributionsAndSalesMember 2023-03-27 2025-12-31 0001810747 cik0001810747:C000241460Member cik0001810747:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000241460Member cik0001810747:BloombergUSAggregateBondIndexMember 2023-03-27 2025-12-31 0001810747 cik0001810747:C000241460Member cik0001810747:BloombergCommodityIndexMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000241460Member cik0001810747:BloombergCommodityIndexMember 2023-03-27 2025-12-31 0001810747 cik0001810747:C000238456Member 2026-10-28 2026-10-28 0001810747 cik0001810747:C000238456Member 2022-10-27 2025-12-31 0001810747 cik0001810747:C000238456Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000238456Member oef:AfterTaxesOnDistributionsMember 2022-10-27 2025-12-31 0001810747 cik0001810747:C000238456Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000238456Member oef:AfterTaxesOnDistributionsAndSalesMember 2022-10-27 2025-12-31 0001810747 cik0001810747:C000238456Member cik0001810747:BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000238456Member cik0001810747:BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2022-10-27 2025-12-31 0001810747 cik0001810747:C000238456Member cik0001810747:CapitalUSCorporateHighYieldIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000238456Member cik0001810747:CapitalUSCorporateHighYieldIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2022-10-27 2025-12-31 0001810747 cik0001810747:C000238456Member cik0001810747:ICEBofA3MonthUSTreasuryBillIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000238456Member cik0001810747:ICEBofA3MonthUSTreasuryBillIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2022-10-27 2025-12-31 0001810747 cik0001810747:C000254611Member 2026-10-28 2026-10-28 0001810747 cik0001810747:C000254611Member 2024-12-02 2025-12-31 0001810747 cik0001810747:C000254611Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000254611Member oef:AfterTaxesOnDistributionsMember 2024-12-02 2025-12-31 0001810747 cik0001810747:C000254611Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000254611Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-12-02 2025-12-31 0001810747 cik0001810747:C000254611Member cik0001810747:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000254611Member cik0001810747:BloombergUSAggregateBondIndexMember 2024-12-02 2025-12-31 0001810747 cik0001810747:C000254611Member cik0001810747:SolactiveGoldSpotIndexERUSDIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000254611Member cik0001810747:SolactiveGoldSpotIndexERUSDIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2024-12-02 2025-12-31 0001810747 cik0001810747:C000230898Member 2026-10-28 2026-10-28 0001810747 cik0001810747:C000230898Member 2021-10-08 2025-12-31 0001810747 cik0001810747:C000230898Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000230898Member oef:AfterTaxesOnDistributionsMember 2021-10-08 2025-12-31 0001810747 cik0001810747:C000230898Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000230898Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-10-08 2025-12-31 0001810747 cik0001810747:C000230898Member cik0001810747:SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000230898Member cik0001810747:SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2021-10-08 2025-12-31 0001810747 cik0001810747:C000230898Member cik0001810747:MSCIUSAIMIHealthCareNetUSDIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000230898Member cik0001810747:MSCIUSAIMIHealthCareNetUSDIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2021-10-08 2025-12-31 0001810747 cik0001810747:C000231201Member 2026-10-28 2026-10-28 0001810747 cik0001810747:C000231201Member 2021-11-01 2025-12-31 0001810747 cik0001810747:C000231201Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000231201Member oef:AfterTaxesOnDistributionsMember 2021-11-01 2025-12-31 0001810747 cik0001810747:C000231201Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000231201Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-11-01 2025-12-31 0001810747 cik0001810747:C000231201Member cik0001810747:SAndP500IndexMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000231201Member cik0001810747:SAndP500IndexMember 2021-11-01 2025-12-31 0001810747 cik0001810747:C000231201Member cik0001810747:BloombergUSEQFI6040IndexBMAReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000231201Member cik0001810747:BloombergUSEQFI6040IndexBMAReflectsNoDeductionForFeesExpensesOrTaxesMember 2021-11-01 2025-12-31 0001810747 cik0001810747:C000233895Member 2026-10-28 2026-10-28 0001810747 cik0001810747:C000233895Member 2022-02-14 2025-12-31 0001810747 cik0001810747:C000233895Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000233895Member oef:AfterTaxesOnDistributionsMember 2022-02-14 2025-12-31 0001810747 cik0001810747:C000233895Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000233895Member oef:AfterTaxesOnDistributionsAndSalesMember 2022-02-14 2025-12-31 0001810747 cik0001810747:C000233895Member cik0001810747:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000233895Member cik0001810747:BloombergUSAggregateBondIndexMember 2022-02-14 2025-12-31 0001810747 cik0001810747:C000233895Member cik0001810747:ICEBofAUSHighYieldIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000233895Member cik0001810747:ICEBofAUSHighYieldIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2022-02-14 2025-12-31 0001810747 cik0001810747:C000227299Member 2026-10-28 2026-10-28 0001810747 cik0001810747:C000227299Member 2021-05-10 2025-12-31 0001810747 cik0001810747:C000227299Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000227299Member oef:AfterTaxesOnDistributionsMember 2021-05-10 2025-12-31 0001810747 cik0001810747:C000227299Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000227299Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-05-10 2025-12-31 0001810747 cik0001810747:C000227299Member cik0001810747:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000227299Member cik0001810747:BloombergUSAggregateBondIndexMember 2021-05-10 2025-12-31 0001810747 cik0001810747:C000227299Member cik0001810747:ICEUSTreasury20PluseYearBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000227299Member cik0001810747:ICEUSTreasury20PluseYearBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2021-05-10 2025-12-31 0001810747 cik0001810747:C000230231Member 2026-10-28 2026-10-28 0001810747 cik0001810747:C000230231Member 2021-09-27 2025-12-31 0001810747 cik0001810747:C000230231Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000230231Member oef:AfterTaxesOnDistributionsMember 2021-09-27 2025-12-31 0001810747 cik0001810747:C000230231Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000230231Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-09-27 2025-12-31 0001810747 cik0001810747:C000230231Member cik0001810747:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000230231Member cik0001810747:BloombergUSAggregateBondIndexMember 2021-09-27 2025-12-31 0001810747 cik0001810747:C000230231Member cik0001810747:ICEUSTreasury20PluseYearBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000230231Member cik0001810747:ICEUSTreasury20PluseYearBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2021-09-27 2025-12-31 0001810747 cik0001810747:C000233897Member 2025-10-28 2025-10-28 0001810747 cik0001810747:C000233897Member 2022-03-07 2025-12-31 0001810747 cik0001810747:C000233897Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000233897Member oef:AfterTaxesOnDistributionsMember 2022-03-07 2025-12-31 0001810747 cik0001810747:C000233897Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000233897Member oef:AfterTaxesOnDistributionsAndSalesMember 2022-03-07 2025-12-31 0001810747 cik0001810747:C000233897Member cik0001810747:BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000233897Member cik0001810747:BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2022-03-07 2025-12-31 0001810747 cik0001810747:C000233897Member cik0001810747:SGCTAIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000233897Member cik0001810747:SGCTAIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2022-03-07 2025-12-31 0001810747 cik0001810747:C000246389Member 2026-10-28 2026-10-28 0001810747 cik0001810747:C000246389Member 2023-11-06 2025-12-31 0001810747 cik0001810747:C000246389Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000246389Member oef:AfterTaxesOnDistributionsMember 2023-11-06 2025-12-31 0001810747 cik0001810747:C000246389Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000246389Member oef:AfterTaxesOnDistributionsAndSalesMember 2023-11-06 2025-12-31 0001810747 cik0001810747:C000246389Member cik0001810747:BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000246389Member cik0001810747:BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2023-11-06 2025-12-31 0001810747 cik0001810747:C000246389Member cik0001810747:BloombergUSMortgageBackedSecuritiesIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000246389Member cik0001810747:BloombergUSMortgageBackedSecuritiesIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2023-11-06 2025-12-31 0001810747 cik0001810747:C000243093Member 2026-10-28 2026-10-28 0001810747 cik0001810747:C000243093Member 2023-07-10 2025-12-31 0001810747 cik0001810747:C000243093Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000243093Member oef:AfterTaxesOnDistributionsMember 2023-07-10 2025-12-31 0001810747 cik0001810747:C000243093Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000243093Member oef:AfterTaxesOnDistributionsAndSalesMember 2023-07-10 2025-12-31 0001810747 cik0001810747:C000243093Member cik0001810747:BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000243093Member cik0001810747:BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2023-07-10 2025-12-31 0001810747 cik0001810747:C000243093Member cik0001810747:ICEBofA3MonthUSTreasuryBillIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000243093Member cik0001810747:ICEBofA3MonthUSTreasuryBillIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2023-07-10 2025-12-31 0001810747 cik0001810747:C000238444Member 2026-10-28 2026-10-28 0001810747 cik0001810747:C000238444Member 2022-11-14 2025-12-31 0001810747 cik0001810747:C000238444Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000238444Member oef:AfterTaxesOnDistributionsMember 2022-11-14 2025-12-31 0001810747 cik0001810747:C000238444Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000238444Member oef:AfterTaxesOnDistributionsAndSalesMember 2022-11-14 2025-12-31 0001810747 cik0001810747:C000238444Member cik0001810747:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000238444Member cik0001810747:BloombergUSAggregateBondIndexMember 2022-11-14 2025-12-31 0001810747 cik0001810747:C000238444Member cik0001810747:ICEUSTreasury710YearBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000238444Member cik0001810747:ICEUSTreasury710YearBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2022-11-14 2025-12-31 0001810747 cik0001810747:C000238457Member 2026-10-28 2026-10-28 0001810747 cik0001810747:C000238457Member 2022-10-27 2025-12-31 0001810747 cik0001810747:C000238457Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000238457Member oef:AfterTaxesOnDistributionsMember 2022-10-27 2025-12-31 0001810747 cik0001810747:C000238457Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000238457Member oef:AfterTaxesOnDistributionsAndSalesMember 2022-10-27 2025-12-31 0001810747 cik0001810747:C000238457Member cik0001810747:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000238457Member cik0001810747:BloombergUSAggregateBondIndexMember 2022-10-27 2025-12-31 0001810747 cik0001810747:C000238457Member cik0001810747:Bloomberg13MonthUSTreasuryBillIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000238457Member cik0001810747:Bloomberg13MonthUSTreasuryBillIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2022-10-27 2025-12-31 0001810747 cik0001810747:C000238457Member cik0001810747:ICEBofA3MonthUSTreasuryBillIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000238457Member cik0001810747:ICEBofA3MonthUSTreasuryBillIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2022-10-27 2025-12-31 0001810747 cik0001810747:C000227543Member 2026-10-28 2026-10-28 0001810747 cik0001810747:C000227543Member 2021-05-24 2025-12-31 0001810747 cik0001810747:C000227543Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000227543Member oef:AfterTaxesOnDistributionsMember 2021-05-24 2025-12-31 0001810747 cik0001810747:C000227543Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000227543Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-05-24 2025-12-31 0001810747 cik0001810747:C000227543Member cik0001810747:SAndP500IndexMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000227543Member cik0001810747:SAndP500IndexMember 2021-05-24 2025-12-31 0001810747 cik0001810747:C000220986Member 2026-10-28 2026-10-28 0001810747 cik0001810747:C000220986Member 2021-01-01 2025-12-31 0001810747 cik0001810747:C000220986Member 2020-09-03 2025-12-31 0001810747 cik0001810747:C000220986Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000220986Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001810747 cik0001810747:C000220986Member oef:AfterTaxesOnDistributionsMember 2020-09-03 2025-12-31 0001810747 cik0001810747:C000220986Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000220986Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001810747 cik0001810747:C000220986Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-09-03 2025-12-31 0001810747 cik0001810747:C000220986Member cik0001810747:SAndP500IndexMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000220986Member cik0001810747:SAndP500IndexMember 2021-01-01 2025-12-31 0001810747 cik0001810747:C000220986Member cik0001810747:SAndP500IndexMember 2020-09-03 2025-12-31 0001810747 cik0001810747:C000220987Member 2026-10-28 2026-10-28 0001810747 cik0001810747:C000220987Member 2021-01-01 2025-12-31 0001810747 cik0001810747:C000220987Member 2020-09-03 2025-12-31 0001810747 cik0001810747:C000220987Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000220987Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001810747 cik0001810747:C000220987Member oef:AfterTaxesOnDistributionsMember 2020-09-03 2025-12-31 0001810747 cik0001810747:C000220987Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000220987Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001810747 cik0001810747:C000220987Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-09-03 2025-12-31 0001810747 cik0001810747:C000220987Member cik0001810747:SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000220987Member cik0001810747:SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2021-01-01 2025-12-31 0001810747 cik0001810747:C000220987Member cik0001810747:SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2020-09-03 2025-12-31 0001810747 cik0001810747:C000220988Member 2026-10-28 2026-10-28 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 0001810747 cik0001810747:C000251041Member 2026-10-28 2026-10-28 0001810747 cik0001810747:C000251041Member 2024-08-12 2025-12-31 0001810747 cik0001810747:C000251041Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000251041Member oef:AfterTaxesOnDistributionsMember 2024-08-12 2025-12-31 0001810747 cik0001810747:C000251041Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000251041Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-08-12 2025-12-31 0001810747 cik0001810747:C000251041Member cik0001810747:JPMorganEMBIGlobalCoreIndexUSDReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000251041Member cik0001810747:JPMorganEMBIGlobalCoreIndexUSDReflectsNoDeductionForFeesExpensesOrTaxesMember 2024-08-12 2025-12-31 0001810747 cik0001810747:C000251041Member cik0001810747:JPMorganEMBIGlobalDiversifiedCompositeIndex081224ReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000251041Member cik0001810747:JPMorganEMBIGlobalDiversifiedCompositeIndex081224ReflectsNoDeductionForFeesExpensesOrTaxesMember 2024-08-12 2025-12-31 0001810747 cik0001810747:C000251042Member 2026-10-28 2026-10-28 0001810747 cik0001810747:C000251042Member 2025-01-01 2025-12-31 0001810747 cik0001810747:C000251042Member 2024-09-09 2025-12-31 0001810747 cik0001810747:C000251042Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000251042Member oef:AfterTaxesOnDistributionsMember 2024-09-09 2025-12-31 0001810747 cik0001810747:C000251042Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000251042Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-09-09 2025-12-31 0001810747 cik0001810747:C000251042Member cik0001810747:SAndP500TRIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000251042Member cik0001810747:SAndP500TRIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2024-09-09 2025-12-31 0001810747 cik0001810747:C000251042Member cik0001810747:BloombergMunicipalBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000251042Member cik0001810747:BloombergMunicipalBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2024-09-09 2025-12-31 0001810747 cik0001810747:C000243094Member 2026-10-28 2026-10-28 0001810747 cik0001810747:C000243094Member 2023-03-27 2025-12-31 0001810747 cik0001810747:C000243094Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000243094Member oef:AfterTaxesOnDistributionsMember 2023-03-27 2025-12-31 0001810747 cik0001810747:C000243094Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000243094Member oef:AfterTaxesOnDistributionsAndSalesMember 2023-03-27 2025-12-31 0001810747 cik0001810747:C000243094Member cik0001810747:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000243094Member cik0001810747:BloombergUSAggregateBondIndexMember 2023-03-27 2025-12-31 0001810747 cik0001810747:C000243094Member cik0001810747:BloombergUSUniversalTotalReturnIndexMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000243094Member cik0001810747:BloombergUSUniversalTotalReturnIndexMember 2023-03-27 2025-12-31 0001810747 cik0001810747:C000243094Member cik0001810747:ICEBofAUSHighYieldIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000243094Member cik0001810747:ICEBofAUSHighYieldIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2023-03-27 2025-12-31 0001810747 cik0001810747:C000238807Member 2026-10-28 2026-10-28 0001810747 cik0001810747:C000238807Member 2023-03-27 2025-12-31 0001810747 cik0001810747:C000238807Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000238807Member oef:AfterTaxesOnDistributionsMember 2023-03-27 2025-12-31 0001810747 cik0001810747:C000238807Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000238807Member oef:AfterTaxesOnDistributionsAndSalesMember 2023-03-27 2025-12-31 0001810747 cik0001810747:C000238807Member cik0001810747:SAndP500IndexMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000238807Member cik0001810747:SAndP500IndexMember 2023-03-27 2025-12-31 0001810747 cik0001810747:C000238807Member cik0001810747:MSCIUSAIMIHealthCareNetTotalReturnUSDIndexMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000238807Member cik0001810747:MSCIUSAIMIHealthCareNetTotalReturnUSDIndexMember 2023-03-27 2025-12-31 0001810747 cik0001810747:C000248321Member 2026-10-28 2026-10-28 0001810747 cik0001810747:C000248321Member 2024-03-05 2025-12-31 0001810747 cik0001810747:C000248321Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000248321Member oef:AfterTaxesOnDistributionsMember 2024-03-05 2025-12-31 0001810747 cik0001810747:C000248321Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000248321Member oef:AfterTaxesOnDistributionsAndSalesMember 2024-03-05 2025-12-31 0001810747 cik0001810747:C000248321Member cik0001810747:MSCIIndiaIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001810747 cik0001810747:C000248321Member cik0001810747:MSCIIndiaIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2024-03-05 2025-12-31 iso4217:USD pure false 485BPOS 2026-10-28 0001810747 N-1A Simplify Exchange Traded Funds 2026-11-01 FUND SUMMARY – SIMPLIFY AGGREGATE BOND ETF <p id="xdx_A88_eoef--ObjectivePrimaryTextBlock_zIbz1Ae6hVDd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Investment Objective: </b>Simplify Aggregate Bond ETF (the “Fund” or “AGGH”) seeks to maximize total return.</p> <p id="xdx_A8B_eoef--ExpenseNarrativeTextBlock_zHXYjJXP8sXk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Fees and Expenses of the Fund: </b>This table describes the fees and expenses that you may pay if you buy, sell, and hold shares of the Fund. <b>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.</b></p> <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_z49Hky2iJKtf"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5D_dU_z5TBsbBVkQb9" 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="background-color: gainsboro"> <td style="border: black 1pt solid; vertical-align: top"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses</b><br/> (expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_491_20261028__20261028__dei--LegalEntityAxis__custom--S000075089Member__oef--ClassAxis__custom--C000233894Member_zsm8ni0CdZOd" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_ziv7xNNYP115"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top; width: 65%"><span style="font-size: 10pt">Management Fees</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="font-size: 10pt">0.40%</span></td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_z4l06FajQa82"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top"><span style="font-size: 10pt">Distribution and Service (12b-1) Fees</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_z0B21JQ6JMpj"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top">Other Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">0.00%</td></tr> <tr id="xdx_40A_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zW7WkUBpb5tk"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top"><span style="font-size: 10pt">Acquired Fund Fees and Expenses<sup id="xdx_F42_z9bg3XwgWwC6">(1)</sup></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.03%</span></td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zKSsE3nWugnd"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top"><span style="font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.43%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <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="font: 10pt Times New Roman, Times, Serif"> <td id="xdx_F0A_zPeYerbNgtY" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; width: 0.25in">(1)</td> <td id="xdx_F1D_zF67ynpjHRvg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> <span id="xdx_901_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20261028__20261028__dei--LegalEntityAxis__custom--S000075089Member_zLmp9bvB7VNf"> 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.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 0.0040 0.0000 0.0000 0.0003 0.0043 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. <p id="xdx_A84_eoef--ExpenseExampleNarrativeTextBlock_z9VsHSyohEHe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b><i>Example: </i></b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt">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. <span id="xdx_900_eoef--ExpenseExampleByYearCaption_c20261028__20261028__dei--LegalEntityAxis__custom--S000075089Member_znt7K7T6KmCj">Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span></p> Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_zqpoyQgnEuc8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zf7f7zwWQjP7" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom; background-color: gainsboro"> <td id="xdx_48A_eoef--ExpenseExampleYear01_zuhFeUhVXWW4" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_48D_eoef--ExpenseExampleYear03_zLla0clnyKng" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>3 Years</b></span></td> <td id="xdx_48F_eoef--ExpenseExampleYear05_zqBUfqFmmrRk" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_481_eoef--ExpenseExampleYear10_zz4wuH3I88na" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_414_20261028__20261028__dei--LegalEntityAxis__custom--S000075089Member__oef--ClassAxis__custom--C000233894Member_zo9HSCPQpeX7" style="vertical-align: top"> <td style="width: 12%; text-align: center"><span style="font-size: 10pt">$296</span></td> <td style="width: 13%; text-align: center"><span style="font-size: 10pt">$297</span></td> <td style="width: 13%; text-align: center"><span style="font-size: 10pt">$665</span></td> <td style="width: 12%; text-align: center"><span style="font-size: 10pt">$667</span></td></tr> </table> 296 297 665 667 <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_z6HGOyNdTlTg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b><i>Portfolio Turnover: </i></b>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 <span id="xdx_90E_eoef--PortfolioTurnoverRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000075089Member_zBlJLiLek5Cg">31%</span> of the average value of its portfolio.</p> 0.31 <p id="xdx_A87_eoef--StrategyNarrativeTextBlock_z1ngPfmz0xEj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Principal Investment Strategies: </b>The Adviser seeks to achieve the Fund’s investment objective by investing in investment grade bonds primarily by purchasing exchange traded funds and applying derivative overlays intended to hedge risk or generate income.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i><span style="text-decoration: underline">Bond Strategy</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIEludmVzdG1lbnQgU3RyYXRlZ3kA" id="xdx_90D_efnd--NmRule35d1EightyPctInvstmntPlcyTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000075089Member_zt7CYiL2mrue">The Fund has adopted a non-fundamental investment policy that, under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. investment grade bonds primarily by purchasing exchange traded funds (“ETFs”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The Fund pursues its strategy primarily by purchasing ETFs that invest principally in the U.S. investment grade bonds of the U.S. government, corporate issuers, and mortgage-backed securities (“MBS”). However, the Fund invests without restriction as to the credit quality, maturity, or duration of an individual security. The Adviser does not frequently trade securities but seeks to maintain consistent exposure to such companies through its investments in ETFs. The Adviser determines which ETFs to purchase based on factors such as price, liquidity, and track record. The Adviser selects ETFs that are representative of an asset class (e.g., invests primarily in investment grade corporate bonds) and have a minimum five-year track record and adequate trading volume relative to the Fund’s size. The Adviser considers trading volume adequate if it can buy and sell an ETF in a desired quantity without materially affecting its price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The underlying ETFs that the Fund will invest in may target bonds with different maturities, durations, and quality requirements in connection with their investment strategies. Duration is a measure of price sensitivity of a debt security or a portfolio of debt securities to relative changes in interest rates. For instance, a duration of “five years” means that a security’s or portfolio’s price would be expected to decrease by approximately 5% with a 1% increase in interest rates (assuming a parallel shift in yield curve). Maturity is the period during which its owner will receive interest payments on the investment. When the bond reaches maturity, the Fund is repaid its par, or face value. A bond’s quality is a reference to the grade given to a bond by a rating service that indicates its credit quality. The rating takes into consideration a bond issuer’s financial strength or its ability to pay a bond’s principal and interest in a timely fashion. For instance, a “AAA” high-grade rated bond offers more security and lower profit potential (lower yield) than a “B-” rated speculative bond.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The Fund also may invest directly in U.S. Treasury Inflation-Protected Securities (“TIPS”). TIPS are securities whose principal amount increases with inflation, as measured by the Consumer Price Index and are designed to protect investors from inflation risk. The Fund also may invest in MBS directly on a when-issued basis (commonly referred to as “To Be Announced” or “TBA”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration: underline"><i>Derivatives Overlay-Generally</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In total, the Fund may invest up to 20% of the Fund’s portfolio in derivatives (measured by purchase price in the case of options or collateral pledged in the case of other derivatives). The Adviser anticipates purchasing and selling its derivatives on a monthly, quarterly, and annual basis, depending upon the Fund’s rebalancing requirements and expiration dates. However, the Adviser may rebalance the Fund’s derivative portfolio on a more frequent basis for a number of reasons such as when market volatility renders the protection provided by the derivative strategy ineffective or a derivative position has appreciated to the point that it is prudent to decrease the Fund’s exposure and realize gains for the Fund’s shareholders. Derivatives may be exchange-traded or over-the-counter (“OTC”); index-based or linked to a specific security. The Adviser selects derivatives based upon its evaluation of relative value based on expected hedging effectiveness, cost; and in the case of options, 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). The Adviser will exercise or close the options based typically on maturity. The Adviser may invest in affiliated money market ETFs to manage liquidity or to pledge as collateral for derivatives.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When the Fund purchases a call option, the Fund has the right, but not the obligation, to buy a stock or other asset at a specified price (strike price) within a specific time period. When the Fund purchases a put option, the Fund has the right, but not the obligation, to sell a stock or other asset at a specified price (strike price) within a specific time period. Futures contracts allow the buyer or seller to purchase or sell an asset at a future date. The Fund will invest in total return swaps that use investment grade or high yield debt instruments or investment grade or high yield indexes as reference assets and equity indexes or ETFs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund executes a portion of its derivatives overlay strategy indirectly by investing in a wholly-owned subsidiary. <span id="xdx_907_eoef--StrategyPortfolioConcentration_c20261028__20261028__dei--LegalEntityAxis__custom--S000075089Member_zFj5kYSO3648">The Fund gains exposure to certain investments related to this strategy by investing up to 25% of its assets in a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”).</span> The Subsidiary is advised by the Adviser. Unlike the Fund, the Subsidiary is not an investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund’s investment in the Subsidiary is intended to provide the Fund with exposure to certain derivatives in accordance with applicable tax rules and regulations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i><span style="text-decoration: underline">Derivatives Overlay-Hedge Strategy</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The Fund may invest up to 20% of the Fund’s portfolio in derivatives to hedge against interest rate risk and credit risk. The Adviser uses long and short positions in futures, options, and swaps linked to equities, fixed income securities, volatility indices, commodities, and currencies to manage risk. When the Adviser believes interest rates will be rising in general, or within a sector, it will hedge primarily by initiating short positions in interest rate-related futures, swaps, and or options. When the Adviser believes credit risk will be increasing, it will hedge primarily by receiving protection through a credit default swap or a total return swap that uses investment grade or high yield debt instruments or investment grade or high yield index as the reference asset. However, when the Adviser believes a short-term opportunity for a more-effective hedge is available, it may also use derivatives linked to equities, volatility indices, commodities (i.e., gold and oil), and currencies to manage interest rate and credit risk. The Adviser closes derivative positions when it believes the related risk is no longer significant or to use a more efficient or cost-effective derivative.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i><span style="text-decoration: underline">Derivatives Overlay-Income Strategy</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The Fund may invest up to 20% of the Fund’s portfolio in derivatives to generate additional income. While derivative-based gains are considered capital gains under GAAP (generally accepted accounting principles) they are commonly described as income by securities market participants. When the Adviser believes a put or call option presents insignificant risk, the Fund will write put and or call options with the expectation that they will expire worthless. As an alternative, when the Adviser believes an option is not likely to expire worthless it may use put and call spreads. In a call option spread, the Fund sells (writes) an out of the money (above current market price) call option while also purchasing a call option that is further out of the money to partially offset the risk of the written option. In a put option spread, the Fund sells (writes) an out of money (below current market price) put option while also purchasing a put option that is further out of the money to partially offset the risk of the written option. The Adviser may also use a combination of derivatives and cash equivalents as a substitute for a bond ETF when it generates more income. The Adviser may also engage in reverse repurchase agreements and use the proceeds for investment purposes. Reverse repurchase agreements are contracts in which a seller of securities, for example, U.S. government securities, agrees to buy the securities back at a specified time and price. Reverse repurchase agreements are primarily used by the Fund as an indirect means of borrowing. When the Fund earns more on its additional investments than the interest cost related to the reverse repurchase agreement, it generates additional income.</p> The Fund has adopted a non-fundamental investment policy that, under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. investment grade bonds primarily by purchasing exchange traded funds (“ETFs”). The Fund gains exposure to certain investments related to this strategy by investing up to 25% of its assets in a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). <p id="xdx_A80_eoef--RiskTextBlock_zOJqsAxpk6kh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Principal Investment Risks: </b><i><span id="xdx_903_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000075089Member__oef--RiskAxis__oef--RiskLoseMoneyMember_z9O3iBjWwQb">As with all funds, there is the risk that you could lose money through your investment in the Fund.</span> Many factors affect the Fund’s net asset value and price of shares and performance.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The following describes the principal risks the Fund bears with respect to its investments. <span id="xdx_90E_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000075089Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_z8wb35q6Gld8">As with any fund, there is no guarantee that the Fund will achieve its goal.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 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. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zE1B8eUMRXFa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Fixed Income Securities Risk. </i>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zrvst1OrY292" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Active Management Risk</i>. The Fund is subject to the risk that the investment management strategy implemented by the Adviser may not produce the intended results and may negatively impact Fund performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommodityAndCurrencyRiskMember_zXxEVd9iE6I7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Commodity and Currency Risk</i><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. Investments linked to commodities or currencies can be highly volatile compared to investments in traditional securities, and may experience large losses. The value of instruments linked to commodities or currencies may be affected by market movements, commodity or currency benchmarks (as the case may be), volatility, changes in interest rates, or factors affecting a particular industry, commodity or currency. For example, commodities may be affected by numerous factors, including drought, floods, fires, weather, livestock disease, pipeline ruptures or spills, embargoes, tariffs and international, economic, political or regulatory developments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z2nOncth6Vx4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Derivatives Risk.</i> 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 fulfil 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zsI2MH1Fbd57" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Early Close/Trading Halt Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zE33MqBiR9g5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Equity Securities Risk.</i> The net asset value of the Fund will fluctuate based on changes in the value of the equity securities that serve as reference assets to a total return swap 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfStructureRisksMember_zR5ETPA0kNQ1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>ETF Structure Risks. </i>The Fund is structured as an ETF and will invest in underlying ETFs. As a result, the Fund is subject to special risks, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Not Individually Redeemable</i>. The Fund’s shares (“Shares”) are not redeemable by retail investors and may be redeemed only by 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Trading Issues</i>. Trading in Shares on 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Market Price Variance Risk</i>. 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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 for 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Authorized Participant Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesRiskMember_zz7QJKGatclg" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Futures Risk.</i> 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. Investments in futures involve leverage, which means a small percentage of assets invested in futures can have a disproportionately large impact on the Fund. This risk could cause the Fund to lose more than the principal amount invested. Futures contracts may become mispriced or improperly valued when compared to the adviser’s expectation and may not produce the desired investment results. Additionally, changes in the value of futures contracts may not track or correlate perfectly with the underlying index because of temporary, or even long-term, supply and demand imbalances and because futures do not pay interest unlike the securities upon which they are based.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldRiskMember_zx8ogE9IwJKg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>High Yield Risk. </i>The Fund may invest in high yield bonds also known as “junk bonds”. High yield securities and unrated securities of similar credit quality are subject to greater levels of credit, call and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer’s continuing ability to make principal and interest payments, and may be more volatile than higher-rated securities of similar maturity.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationRiskMember_zIZjRvR6C35d" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Large Capitalization Risk.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zcYdIML1wLI2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Leverage Risk.</i> 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. The Fund may borrow for investment purposes indirectly using reverse repurchase agreements. The cost of borrowing may reduce the Fund’s return, increases the risk of loss and may increase the volatility of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zCngZGJNCBO6" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Market and Geopolitical Risk. </i>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 portfolios 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 and wars, 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MortgagerelatedRisksMember_zi32ezR5VoX5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Mortgage-Related Risks</i><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. MBS represent interests in “pools” of mortgages and often involve risks that are different from or possibly more acute than risks associated with other types of debt instruments. Generally, rising interest rates tend to extend the duration of fixed rate mortgage-related securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, the Fund may exhibit additional volatility since individual mortgage holders are less likely to exercise prepayment options, thereby putting additional downward pressure on the value of these securities and potentially causing the Fund to lose money. When interest rates decline, borrowers may pay off their mortgages sooner than expected. This can reduce the returns of a Fund because the Fund may have to reinvest that money at the lower prevailing interest rates.</span></p> <p style="margin: 0pt 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionRiskMember_zN6QWzseV6G4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Option Risk.</i> As the buyer of put and call options, the Fund risks losing the entire premium invested in the option if the Fund does not exercise the option.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--OverthecounterMarketRiskMember_zAZhqDejLml7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Over-the-Counter Market Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SubsidiaryInvestmentRiskMember_z70IKWsd12c6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Subsidiary Investment Risk. </i>Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary are organized, respectively, could result in the inability of the Fund to operate as intended and could negatively affect the Fund and its shareholders. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. Thus, the Fund, as an investor in the Subsidiary, will not have all the protections offered to investors in registered investment companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_zCOm9DJD6by6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Swap Risk.</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TBASecuritiesRiskMember_zvzv40EQX7Ob" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>TBA Securities Risk.</i> In a TBA transaction, a seller agrees to deliver a security at a future date, but does not specify the particular security to be delivered. Instead, the seller agrees to accept any security that meets specified terms. TBA transactions involve the risk that the securities received may have less favorable characteristics than what was anticipated when the Fund entered into the transaction. TBA transactions are also subject to counterparty risk and will be exposed to changes in the value of the underlying investments during the term of the agreement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TIPSRiskMember_zgjIbg8oHvt3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>TIPS Risk. </i>TIPS are debt instruments issued by the by the United States Department of the Treasury. The principal of TIPS increases with inflation and decreases with deflation, as measured by the Consumer Price Index. When TIPS mature, investors are paid the adjusted principal or original principal, whichever is greater. Interest payments on TIPS are unpredictable and will fluctuate as the principal and corresponding interest payments are adjusted for inflation. Inflation-indexed bonds generally pay a lower nominal interest rate than a comparable non-inflation-indexed bond. There can be no assurance that the CPI will accurately measure the real rate of inflation in the prices of goods and services. Any increases in the principal amount of TIPS will be considered taxable ordinary income, even though the Fund or applicable underlying ETF will not receive the principal until maturity. As a result, the Fund may make income distributions to shareholders that exceed the cash it receives. In addition, TIPS are subject to credit risk, interest rate risk, and maturity risk.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TurnoverRateRiskMember_zYBhAYRj6Pwd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Turnover Rate Risk. </i>The Fund may have portfolio turnover rates significantly in excess of 100%. Increased Portfolio Turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund’s performance and may produce increased taxable distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryMarketRiskMember_ztHdNswDPUka" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>U.S. Treasury Market Risk</i>. The U.S. Treasury market can be volatile, and the value of instruments correlated with these markets may fluctuate dramatically from day to day. U.S. Treasury obligations may provide relatively lower returns than those of other securities. Similar to other debt instruments, U.S. Treasury obligations are subject to debt instrument risk and interest rate risk. In addition, changes to the financial condition or credit rating of the U.S. Government may cause the value of U.S. Treasury obligations to decline.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundRiskMember_zDGp9gUzrc0d" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Underlying Fund Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--AffiliatedMoneyMarketETFConflictOfInterestRiskMember_z3Vepwvr3uV" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Affiliated Money Market ETF Conflict of Interest Risk.</i> 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.</p> <p id="xdx_A8D_eoef--PerformanceNarrativeTextBlock_z2sX5LhzyAT4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Performance: </b><span id="xdx_90F_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20261028__20261028__dei--LegalEntityAxis__custom--S000075089Member_zfbYs6Iv9gdg">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.</span> <span id="xdx_908_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000075089Member_zK7wzDqq4b2c">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information is available at no cost by visiting <span id="xdx_90B_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000075089Member_zVtM1uMgCxk5"><span style="text-decoration: underline">www.simplify.us/etfs</span></span> or by calling <span id="xdx_909_eoef--PerformanceAvailabilityPhone_c20261028__20261028__dei--LegalEntityAxis__custom--S000075089Member_zK0CKi04zh2c">1 (855) 772-8488.</span></p> 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. <p id="xdx_A86_eoef--BarChartTableTextBlock_zUqRoMpiqjK1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><img alt="" src="pro-aggh_001.jpg" style="height: 270px; width: 450px"/></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zrVjnkIf7vk" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; 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="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2023</td> <td id="xdx_986_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000233894Member_znzqDJQ9g5Eh" style="display: none; text-align: center; width: 50%">8.47%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_981_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000233894Member_z0TsdUzw1igh" style="display: none; text-align: center">1.61%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_982_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000233894Member_zTYNw0LBL6c2" style="display: none; text-align: center">8.95%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> 0.0847 0.0161 0.0895 <p id="xdx_A83_eoef--BarChartClosingTextBlock_z5gflUE7N4Pi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify; text-indent: 0.5in">During the periods shown in the bar chart above, the Fund’s <span id="xdx_90C_eoef--HighestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000075089Member_zdkp5IQzEAuc">highest quarterly return</span> was <span id="xdx_90E_eoef--BarChartHighestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000075089Member_z9HojArKZH6a">6.29%</span> (quarter ended <span id="xdx_901_eoef--BarChartHighestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000075089Member_zgqMHVgxm2N2">September 30, 2024</span>) and the Fund’s <span id="xdx_905_eoef--LowestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000075089Member_zfGwmdOWbHz2">lowest quarterly return</span> was <span id="xdx_90C_eoef--BarChartLowestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000075089Member_zCMlTgLMZOEd">-3.40%</span> (quarter ended <span id="xdx_907_eoef--BarChartLowestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000075089Member_zdcnFmtgx1Qc">December 31, 2024</span>). The calendar <span id="xdx_90A_eoef--YearToDateReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000075089Member_zbQcjbB9hKdj">year-to-date total return</span> of the Fund as of <span id="xdx_90D_eoef--BarChartYearToDateReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000075089Member_z4fTIauYQ4Uh">September 30, 2026</span> was <span id="xdx_904_eoef--BarChartYearToDateReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000075089Member_z7mdYfSp0Ekj">(3.73)%</span>.</p> highest quarterly return 0.0629 2024-09-30 lowest quarterly return -0.0340 2024-12-31 year-to-date total return 2026-09-30 -0.0373 Average Annual Total Returns for the Periods Ended December 31, 2025 <div id="xdx_A8C_eoef--PerformanceTableTextBlock_zaXemhDOHK84"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_ziMOj5N2fJvh" 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_49E_20250101__20251231_zkurdYbFf19f" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td> </td> <td> </td> <td colspan="2" id="xdx_49F_20220214__20251231_z5YFt0iT0Kg2" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Since <br/> Inception<br/> (<span id="xdx_909_eoef--PerfInceptionDate_c20261028__20261028__oef--ClassAxis__custom--C000233894Member_zoZN3UMjDbv2">2/14/22</span>)</b></span></td> <td> </td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000233894Member_zSlLEW2Lc9ha" style="vertical-align: bottom; background-color: gainsboro"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; width: 76%; vertical-align: top"><span style="font-size: 10pt">Return Before Taxes</span></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"><span style="font-size: 10pt">8.95</span></td> <td style="width: 1%"><span style="font-size: 10pt">%</span></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"><span style="font-size: 10pt">2.39</span></td> <td style="width: 1%"><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000233894Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zHdeOWYmKuBh" style="vertical-align: bottom; background-color: white"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt">Return After Taxes on Distributions</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">5.65</span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">-0.57</span></td> <td><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000233894Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z14XY2LG8cjd" style="vertical-align: bottom; background-color: gainsboro"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">5.22</span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">0.51</span></td> <td><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000233894Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zSEnYUHLSJRh" style="vertical-align: bottom; background-color: white"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt">Bloomberg U.S. Aggregate Bond Index (<span id="xdx_90B_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261028__20261028__dei--LegalEntityAxis__custom--S000075089Member_zWM2kEOVEyqb">reflects no deduction for fees, expenses or taxes</span>)</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">7.30</span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">0.98</span></td> <td><span style="font-size: 10pt">%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 2022-02-14 0.0895 0.0239 0.0565 -0.0057 0.0522 0.0051 reflects no deduction for fees, expenses or taxes 0.0730 0.0098 <p id="xdx_A87_eoef--PerformanceTableClosingTextBlock_zpcSE8m525Kb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span id="xdx_907_eoef--PerformanceTableUsesHighestFederalRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000075089Member_z9HDlnFOeO5k">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.</span> <span id="xdx_90F_eoef--PerformanceTableNotRelevantToTaxDeferred_c20261028__20261028__dei--LegalEntityAxis__custom--S000075089Member_zMPYVUHZqe5h">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.</span></p> 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. FUND SUMMARY – SIMPLIFY BARRIER INCOME ETF <p id="xdx_A88_eoef--ObjectivePrimaryTextBlock_zOgJLe7UsdRa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment Objective: </b>The Simplify Barrier Income ETF (the “Fund” or “SBAR”) seeks to provide monthly income.</span></p> <p id="xdx_A8C_eoef--ExpenseNarrativeTextBlock_zYNMVM0tngt1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fees and Expenses of the Fund:</b> This table describes the fees and expenses that you may pay if you buy, sell, and hold Shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table or examples below.</b></span></p> <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zjK1GidVp1hg"></div> <table cellpadding="3" cellspacing="0" id="xdx_A50_dU_zIhjFVFCTW15" 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="font: 10pt Times New Roman, Times, Serif; background-color: gainsboro"> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses</b><br/> (expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_49A_20261028__20261028__dei--LegalEntityAxis__custom--S000091618Member__oef--ClassAxis__custom--C000259296Member_zKwoy9SiMmp5" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zmkMR5Hdv2Cl" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fees</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.75%</span></td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zsQRstKNafR7" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 65%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and Service (12b-1) Fees</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zqENCH2rhMA" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_407_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zRK7yJZRhuL6" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top">Acquired Fund Fees and Expenses<sup id="xdx_F4D_zwy6CN7ReKo8">(1)</sup></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.12%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zgQTZBk0TyW3" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.87%</span></td></tr> <tr id="xdx_40F_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zJyZH1Eixa83" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top">Fee Waiver<sup id="xdx_F42_zjpBuesOHcF6">(2)</sup></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">(0.10)%</td></tr> <tr id="xdx_40D_eoef--NetExpensesOverAssets_dpn_zRJXuLmu1lbc" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top">Total Annual Fund Operating Expenses After Fee Waiver</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.77%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto"> <tr style="font: 10pt Times New Roman, Times, Serif;vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span id="xdx_F0D_zigDYl7SAxi4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F16_zMBobuwQmrT8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eoef--OtherExpensesNewFundBasedOnEstimates_c20261028__20261028__dei--LegalEntityAxis__custom--S000091618Member_zGGEqKYYEnId"> 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.</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif;vertical-align: top"> <td id="xdx_F0E_zWREmzBkHbV8" style="font: 10pt Times New Roman, Times, Serif">(2)</td> <td id="xdx_F19_zSpnyjwkW1Wl" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> The Fund’s adviser has contractually agreed, through at least <span id="xdx_90E_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20261028__20261028__dei--LegalEntityAxis__custom--S000091618Member_zrqlAz12e54k">October 31, 2027</span>, to waive its management fees to 0.65% of the Fund’s average daily net assets. This agreement may be terminated only by the Trust’s Board of Trustees on 60 days’ written notice to the Fund’s adviser.</td></tr> </table> 0.0075 0.0000 0.0000 0.0012 0.0087 -0.0010 0.0077 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. October 31, 2027 <p id="xdx_A81_eoef--ExpenseExampleNarrativeTextBlock_z34VdW4CWAF6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Example: </i></b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. The Example further assumes that the Fund’s fee waiver agreement will only be in place for the term specified above. <span id="xdx_907_eoef--ExpenseExampleByYearCaption_c20261028__20261028__dei--LegalEntityAxis__custom--S000091618Member_zXpYky8p0JJ3">Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span></span></p> Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A88_eoef--ExpenseExampleWithRedemptionTableTextBlock_z7epc4lLoXv2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zfIiIgOEvZ12" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: gainsboro"> <td id="xdx_488_eoef--ExpenseExampleYear01_z7oFD7GQL61h" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_482_eoef--ExpenseExampleYear03_zwxhchAzxR1j" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td> <td id="xdx_482_eoef--ExpenseExampleYear05_z1usFAYcpP6f" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_48B_eoef--ExpenseExampleYear10_zRQpjTwmJwD1" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_41A_20261028__20261028__dei--LegalEntityAxis__custom--S000091618Member__oef--ClassAxis__custom--C000259296Member_zleldUeMbv3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$79</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 13%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$268</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 13%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$473</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,064</span></td></tr> </table> 79 268 473 1064 <p id="xdx_A85_eoef--PortfolioTurnoverTextBlock_z0IKQvZw56t7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Portfolio Turnover: </i></b>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 <span id="xdx_903_eoef--PortfolioTurnoverRate_dp_c20261028__20261028__dei--LegalEntityAxis__custom--S000091618Member_zYLgdTujSqGg">0%</span> of the average value of its portfolio.</span></p> 0 <p id="xdx_A85_eoef--StrategyNarrativeTextBlock_zuwan3K22YNc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principal Investment Strategies: </b>The Fund is an actively managed exchange-traded fund (“ETF”). The Fund’s investment adviser seeks to fulfill the Fund’s investment objective by using two income strategies: (1) an interest income strategy and (2) an income generating option spread strategy. Barrier in the Fund’s name refers to the Fund’s out-of-the-money barrier put spread strategies. An out-of-the-money put option has a strike price below the current price of the reference asset.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the unique mechanics of the Fund’s strategy, the return an investor can expect to receive from an investment in the Fund has characteristics that are distinct from many other investment vehicles. It is important that an investor understand the characteristics of the Fund before making an investment in the Fund. The Fund differs from other funds that utilize a defined outcome investment strategy. The Fund does not provide a barrier against losses that serves to provide for a maximum amount of potential losses. As a result, an investor can lose its entire investment prior to consideration of any distribution payments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Interest Income Strategy</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The Fund invests primarily in interest income producing U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury and fixed income ETFs that invest primarily in U.S. Government securities. The Fund targets an average securities portfolio duration of two years or less but does not restrict individual security maturity. Duration is a measure of the price sensitivity of a debt instrument when interest rates change. For example, if a note has a duration of 1 year, a 1% rise in rates would result in a 1% decline in price. The Adviser selects securities to maximize portfolio yield within the current duration target and the Adviser sells securities primarily to adjust portfolio duration.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Income Generating Option Spread Strategy</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; text-align: justify">To generate additional income, the Fund employs an option spread writing strategy on equity ETFs and equity indexes that are representative of major equity market sectors: (i) large capitalization stocks, (ii) domestic and international nonfinancial stocks, and (iii) small capitalization stocks. Written options are partially hedged becau<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">se the Fund owns a partially offsetting option to reduce a portion of the Fund’s risk. The Adviser selects equity indexes and equity ETFs holding stocks of any market capitalization. The Adviser focuses on indexes that are representative of major equity market sectors described above and index-based domestically-traded ETFs linked to those indexes. The Fund’s Adviser anticipates focusing on using three ETFs that are representative of major equity market sectors, large capitalization stocks, domestic and international nonfinancial stocks, and small capitalization stocks as represented by: (1) SPDR^®S&amp;P 500^® ETF Trust (“SPY”), (2) Invesco QQQ Trust℠, Series 1 (“QQQ”), and (3) iShares^® Russell 2000 ETF (“IWM”), respectively. However, with notice to shareholders, other major equity market sectors, as represented by indexes or ETFs may be used if they offer higher returns.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Option spread writing is intended to generate income for the Fund by capturing written put option premiums that are larger than the cost of purchasing a partially offsetting put option. In a put option spread, the Fund writes an at-the-money or out-of-the-money (below current market price) put option while also purchasing a further out-of-the-money put option. For example, in general conceptual terms, if the Fund received $7 for writing a one-year put option with a strike price of $100 when the reference asset was at $100; while simultaneously investing $5 in one-year put option with a strike price of $95, it would have a potential income gain of $2 if both options expired worthless. The $2 gain is the difference between the premium received and premium spent. In this example, the options will expire worthless if the reference asset is at $100 or higher at the end of one year. However, if the reference assets price is lower than $100 at the end of one year the Fund may suffer losses and generate no income. Specifically, if the reference asset price at the end of one year was $95 or lower the Fund would suffer a net loss of $3 ($5 net loss on the combination of the written option and the purchased option that is partially offset by the net $2 premium received).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Adviser executes the option strategy primarily through over-the-counter options, swap contracts and forward contracts, but may also use listed options. Swaps and forwards are used to produce option-like outcomes when they are more economically efficient than options. The Adviser focuses the Fund’s portfolio on options with a one-year maturity. However, because the size of the Fund, index price levels, and ETF prices will change over time, the Fund’s option portfolio will have multiple maturities and dollar strike prices. The Adviser replaces maturing options and may adjust positions following a large (over 10%) price swing in an option’s reference asset price. The Adviser has no set rebalancing or resetting cycle for the Fund’s portfolio but will make an adjustment to produce higher expected returns.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following describes the spread option strategies employed, whether directly through options or through options imbedded in a swap contract or forward contract. The Fund anticipates investing primarily under the “Worst of Three” Barrier Put Spread Sub-Strategy described below, but will increase allocations to the Barrier Put Spread Sub-S</span>trategy and General Put Spread Sub-Strategy to attempt to achieve higher returns, as market conditions dictate. The Adviser may not be successful in implementing any of the spread strategies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Barrier Put Spread Sub-Strategy</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In a barrier put spread strategy the Fund seeks to provide an investment “barrier” – an investment strategy whereby a payoff depends upon whether a reference asset has breached a predetermined performance level of a 30% loss. For an outcome period for a particular spread, the Fund establishes a 30% barrier against losses that is based upon the performance of a reference asset over the duration of the outcome period. The Fund is not expected to experience losses, on a specific barrier spread, over the course of an outcome period if the market value of the reference asset decreases by the barrier amount of 30% or less. Barrier option spreads do not provide a portfolio-wide level of downside protection. If at the conclusion of an outcome period, the reference asset losses have breached the barrier, the Fund will experience losses. Generally, losses will be to the full extent of the reference asset on a one-to-one basis. The Adviser may not be successful in implementing a barrier spread strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The Barrier. </i>Fund shareholders are subject to all of the losses experienced by the reference asset, such as am index or index-representative ETF (“RA”); however, for a specific barrier put spread, the Fund provides a barrier such that investors will only experience losses if the RA experiences losses that exceed the barrier at the end of a selected outcome period. A specific barrier is set at a level such that investors are not expected to experience losses against the first 30% of RA losses over the course of a selected outcome period, to the extent RA decreases in value by 30% or less. Barrier option spreads do not provide a portfolio-wide level of downside protection. The barrier is provided irrespective of the Fund’s annual management fee, transaction fees and any extraordinary expenses incurred by the Fund, however any losses that an investor experiences in relation to the barrier will be reduced by the Fund’s annual management of 0.75% and further reduced by any shareholder transaction fees and any extraordinary expenses incurred by the Fund. The Fund’s barrier strategy, for a specific barrier put spread, is designed to produce outcomes upon the expiration of its barrier-related options investments on the last day of a selected outcome period and it therefore should not be expected that the barrier will be provided at any point prior to the last day of a selected outcome period. There is theoretically no limit on losses the Fund could experience, and an investor may lose all of its investment. An investment in the Fund is only appropriate for shareholders willing to bear those losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The structure of the Fund’s barrier-related options is such that, for a specific barrier put spread, if at the conclusion of a selected outcome period, RA losses have breached the barrier, the Fund will begin to experience losses starting at the barrier. The Fund will experience one of two loss profiles: “Initial Breach Losses” or “Full Breach Losses”. As further described below, for a specific barrier put spread, the operation of the Fund’s barrier-related options is such that, at the end of a selected outcome period, if RA losses measured over an outcome period exceed the barrier (in this example, 30%) but are less than 31%, the Fund will experience, prior to the payment of any distributions, accelerated losses from 0% to 31%. If, for a specific barrier put spread, at the end of a selected outcome period, RA losses measured over an outcome period exceed 31%, the Fund will experience, prior to the payment of any distributions, one-to-one losses of RA.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>●</i></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Initial Breach Losses</i>. For a specific barrier put spread, Initial Breach Losses occur when RA has exceeded the barrier, but by an amount less than or equal to 31%. Initial Breach Losses occur as a result of the combination of the Fund’s put option spreads as well as a sold put option contract. Specifically, in this example the Fund invests in a package of 30 put option spreads that provide losses of up to 1% for each spread while simultaneously selling a put option that provides one-to-one downside exposure starting at -30% of RA. If, for a specific barrier put spread, RA losses exceed the barrier, but by an amount less than or equal to 32%, the Fund will experience the below losses over an outcome period:</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Example Outcome Period Initial and Full Breach Losses Profile</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: gainsboro"> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 20%; vertical-align: bottom"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SPY</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Losses</b></span></p></td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 20%; vertical-align: bottom"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Put Spread</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Losses</b></span></p></td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 20%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Put<br/> Losses</b></span></td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 20%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Contribution to<br/> Fund Performance</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30.00%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30.25%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-7.50%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.25%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-7.25%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30.50%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-15.00%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.50%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-15.50%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30.75%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-22.50%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.75%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-23.25%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.00%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30.00%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.00%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.00%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.00%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30.00%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-2.00%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.00%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Full Breach Losses. </i>For a specific barrier put spread, Full Breach Losses occur after RA losses are equal to or exceed 31%. Full Breach Losses are a result of the Fund’s barrier-related options and expose the Fund to the extent of RA losses on a one-to-one basis over the course of a selected outcome period. As shown in the table above, for a specific barrier put spread, if RA’s loss has exceeded 31%, the Fund’s put spread options will produce a loss of 30% and the Fund’s naked put option will produce the remaining loss such that losses, in combination, will equal the losses of RA. There is no limit on losses the Fund can experience, and an investor may lose nearly its entire investment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>“Worst of Three” Barrier Put Spread Sub-Strategy</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify">This sub-strategy is the focus of the Fund’s option writing strategy. A “worst of” barrier put spread strategy is designed to produce the same return outcome profile as a barrier strategy, but rather than use a single reference asset, three reference assets are used. This type of option that binds up three reference assets is complex and is sometimes referred to as a compound option (i.e. an option on more than one reference asset). The Adviser expects to execute this aspect of the strategy through an over-the-counter option or as embedded in a swap. However, “worst of” barrier option spreads do not provide a portfolio-wide level of downside protection. Here, for a specific barrier put spread, the predetermined performance level of 30% is measured against the worst performing of the reference assets over an outcome period. The Adviser may not be successful in implementing a “worst of” barrier spread strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"><i>General Put Spread Sub-Strategy</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify">When the Adviser believes non-barrier option writing is compelling, it may employ other put spread strategies. In a put option spread, the Fund writes an at-the-money or out-of-the-money (below current market price) put option while also purchasing a further out-of-the-money put option. However, option spreads do not provide a portfolio-wide level of downside protection. The Adviser may not be successful in implementing a general spread strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Generally, the Adviser writes options (whether direct or through options imbedded in a swap contract or forward contract) that it expects to expire worthless. Additionally, while the Adviser expects options to be held to expiration, it may adjust positions following a large (over 10%) price swing in an option’s reference asset price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">A put option gives the owner the right, but not the obligation, to sell a reference asset at a specified price (strike price) within, or at the end of, a specific time period. An at-the-money put option has a strike price equal to the current price of the reference asset. An out-of-the-money put option has a strike price below the current price of the reference asset. By selling put options in return for the receipt of premiums (the purchase price of an option), the Adviser attempts to increase Fund income as the passage of time decreases the value of the written options. For example, if a written option expires worthless, the entire premium received is income to the Fund. While derivative-based gains are considered capital gains under GAAP (generally accepted accounting principles) they are commonly described as income by securities market participants. The Fund has adopted the market convention of describing option premium as income. The option writing strategy is a form of leveraged investing. The Adviser primarily considers options, swaps and forwards with up to two years to maturity. However, the Adviser anticipates concentrating on options (whether direct or imbedded in a swap or forward) with shorter maturities because the option value erodes faster than with long-term options. For example, the option premium received by the Fund for writing a sequence of one-year options would be larger than the option premium received by the Fund for writing a single two-year option.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">When writing options or entering into swap and forward contracts, the Fund is required to post collateral to assure its performance to the counterparty. The Fund will hold cash and cash-like instruments or high-quality short term fixed income securities (collectively, “Collateral”). The Collateral may consist of (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds (including affiliated money market ETFs); (3) fixed income ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by companies that are rated investment grade or of comparable quality. The Adviser considers an unrated security to be of comparable quality to a security rated investment grade if it believes it has a similar low risk of default.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended, which means that the Fund may invest a higher percentage of its assets in a fewer number of issuers than is permissible for a “diversified” fund.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_z6GjIavcynGf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principal Investment Risks:</b> <i><span id="xdx_908_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000091618Member__oef--RiskAxis__oef--RiskLoseMoneyMember_z6MDiSfijjk5">As with all funds, there is the risk that you could lose money through your investment in the Fund.</span> Many factors affect the Fund’s NAV and price of Shares and performance.</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following describes the principal risks the Fund bears with respect to its investments. <span id="xdx_901_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000091618Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zzIMHUuIo9n7">As with any fund, there is no guarantee that the Fund will achieve its goal.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 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. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_z9DKjyfgzbld" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Active Management Risk. </i>The Fund is subject to the risk that the investment management strategy may not produce the intended results and may negatively impact Fund performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zzGh5lBw4pd4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Equity Securities Risk.</i> Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. The equity securities linked to options held or written by the Fund may experience sudden, unpredictable drops in value or long periods of decline in value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zIyZOLJQAv81" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk.</i> 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, natural disasters, pandemics, epidemics, terrorism, international conflicts and wars, 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zLv8hRLnwQOe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionRiskMember_zDxiVcmTnbEk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Option Risk.</i> As the buyer of a put option, the Fund risks losing the entire premium invested in the option if the Fund does not exercise the option. Spread writing exposes the Fund to losses up to the amount between strike prices of the purchased option and the written option. Barrier put spread writing exposes the Fund to sudden and significant losses if the barrier is breached. This risk is amplified in a “worst of” put spread strategy because one of the reference assets may significantly underperform the others.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapsRiskMember_zczKAtSSQHzh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swaps Risk</i>. Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForwardContractRiskMember_zPjxke5AA8Hd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Forward Contract Risk.</i> A decision as to whether, when, and how to use forward contracts involves the exercise of skill and judgment and even a well-conceived forward contract transaction may be unsuccessful because of market behavior or unexpected events. The primary risks associated with the use of forward contracts, which may adversely affect the Fund are possible lack of a liquid secondary market and the possibility that the counterparty will default.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zkdjsOpBAB9i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk.</i> Counterparty risk is the risk that a counterparty to a financial instrument held by the Fund or by a special purpose or structured vehicle invested in by the Fund may become insolvent or otherwise fail to perform its obligations, and the Fund may obtain no or limited recovery of its investment, and any recovery may be significantly delayed.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_ztdKItml90v7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leverage Risk.</i> The use of leverage by the Fund, such as through the use of options, will cause the Fund to incur additional expenses and magnify the Fund’s gains or losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryRiskMember_zdkZjA2ISWKk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Limited History Risk. </i>The Fund is a new ETF and has a limited history of operations for investors to evaluate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--OverthecounterMarketRiskMember_z2mqmilYAFM5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Over-the-Counter Market Risk.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMediumCapitalizationRiskMember_zqZIcngCt6cl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Small and Medium Capitalization Risk.</i> The Fund is indirectly exposed to small and medium capitalization companies through its option spread strategies. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompaniesRiskMember_z1SEv1SCL4Re" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Large Capitalization Companies Risk</i>. The Fund is indirectly exposed to large capitalization companies through its option spread strategies. Large capitalization companies may grow at a slower rate and be less able to adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market cycles.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedFundRiskMember_zzjDJDENCQG9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Fund Risk.</i> <span id="xdx_904_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000091618Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zHsX55klaOi7">Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z9Y9eFPLrLKk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk. </i>The value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryAndAgencyMarketRiskMember_zDWDFULhdY94" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>U.S. Treasury and Agency Market Risk.</i> Similar to other debt instruments, U.S. Treasury and agency obligations are subject to debt instrument risk and interest rate risk. In addition, changes to the financial condition or credit rating of the U.S. Government may cause the value of U.S. Treasury and agency obligations to decline. Typically, U.S. agency obligations are not backed by the full faith and credit of the U.S. Treasury.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundRiskMember_zIMjFetV0Ayg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Fund Risk.</i> Other investment companies, i.e. ETFs and money market funds (“Underlying Funds”) 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 Underlying Funds and may be higher than other mutual funds that invest directly in stocks and bonds. Each of the Underlying Funds is subject to its own specific risks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--AffiliatedMoneyMarketETFConflictOfInterestRiskMember_z1BmsVqi9lJ4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Affiliated Money Market ETF Conflict of Interest Risk.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zWOOgYYHKr8b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Early Close/Trading Halt Risk.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfStructureRisksMember_zfc9qKPs8GOg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>ETF Structure Risks:</i> The Fund is structured as an ETF and may invest in underlying ETFs. As a result, the Fund is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Not Individually Redeemable</i>. The Fund’s Shares are not redeemable by retail investors and may be redeemed only by Authorized Participants at NAV and only in Creation Units. A retail investor generally incurs brokerage costs when selling Shares.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <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="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Issues</i>. Trading in Shares on 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.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <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="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market Price Variance Risk</i>. 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 in 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.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Shares’ NAV.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market price of the Shares may deviate from NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Shares than NAV, which is reflected in the bid and ask price for the Shares or in the closing price.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 NAV.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <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="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Authorized Participant Risk.</i> 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.</span></td></tr> </table> <p id="xdx_A81_eoef--PerformanceNarrativeTextBlock_zW62Bnaaip1c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_907_eoef--PerformanceOneYearOrLess_c20261028__20261028__dei--LegalEntityAxis__custom--S000091618Member_zfyGC5jaxx36">Performance information will be available in the prospectus after the Fund has been in operation for one full calendar year.</span></span> <span id="xdx_906_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000091618Member_zPsgpPtyw7g" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Past performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Updated performance information will be available at no cost by visiting <span id="xdx_90C_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000091618Member_zoenqwn6ElC5"><span style="text-decoration: underline">www.simplify.us</span></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">or by calling <span id="xdx_909_eoef--PerformanceAvailabilityPhone_c20261028__20261028__dei--LegalEntityAxis__custom--S000091618Member_z3TgP5av34Ta">1 (855) 772-8488</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p> Performance information will be available in the prospectus after the Fund has been in operation for one full calendar year. Past performance is not necessarily an indication of how the Fund will perform in the future. www.simplify.us 1 (855) 772-8488 FUND SUMMARY – SIMPLIFY BITCOIN STRATEGY ETF <p id="xdx_A82_eoef--ObjectivePrimaryTextBlock_z3zD0WDObdjc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Investment Objective: </b>The Simplify Bitcoin Strategy ETF (the “Fund” or “MAXI”) seeks income and capital appreciation.</p> <p id="xdx_A83_eoef--ExpenseNarrativeTextBlock_zQf24upNwlgf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Fees and Expenses of the Fund: </b>This table describes the fees and expenses that you may pay if you buy, sell, and hold shares of the Fund. <b>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. </b></p> <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_zPtMJCfypX4i"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5A_dU_zt2b9mjvGqb5" 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="background-color: #E0E0E0"> <td style="border: black 1pt solid; vertical-align: top; width: 65%"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses<br/> </b>(expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_49C_20261028__20261028__dei--LegalEntityAxis__custom--S000076784Member__oef--ClassAxis__custom--C000236819Member_z91aHPIp97Gi" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zgBFW3TXC634"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top"><span style="font-size: 10pt">Management Fees</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.85%</span></td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zvn0K9dqUKxa"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top"><span style="font-size: 10pt">Distribution and Service (12b-1) Fees</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zWUdZqDKuJe2"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F41_zEiwUHU4p074">(1)</sup></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.46%</span></td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zs5d9dusJVt6"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top">Acquired Fund Fees and Expenses<sup id="xdx_F47_zBHlEbCGUVvg">(2)</sup></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">0.21%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zE0orHCKmI0b"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; vertical-align: top"><span style="font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">1.52%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <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="font: 10pt Times New Roman, Times, Serif"> <td id="xdx_F05_zF0BOo0scQ38" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">(1)</td> <td id="xdx_F10_zX2eLzv2sw6c" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in"> Other Expenses includes interest expenses of 0.46%.</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td id="xdx_F01_zV8IVqcsLhOi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left; text-indent: 0in; vertical-align: top">(2)</td> <td id="xdx_F1C_zACIXKefYPs3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span id="xdx_904_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20261028__20261028__dei--LegalEntityAxis__custom--S000076784Member_zXCHqf21VFch"> 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.</span></td></tr> </table> 0.0085 0.0000 0.0046 0.0021 0.0152 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. <p id="xdx_A8B_eoef--ExpenseExampleNarrativeTextBlock_zyti78NlZtrh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b><i>Example: </i></b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">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. <span id="xdx_90A_eoef--ExpenseExampleByYearCaption_c20261028__20261028__dei--LegalEntityAxis__custom--S000076784Member_zIPeqz9nYcXe">Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span></p> Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zVIaAvmtJrna"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zLY58tA3GHM" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom; background-color: gainsboro"> <td id="xdx_48C_eoef--ExpenseExampleYear01_zEGQ7VVaOG8c" style="border-bottom: black 1pt solid; width: 12%; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_483_eoef--ExpenseExampleYear03_zy2Hi5JOer5a" style="border-bottom: black 1pt solid; width: 13%; text-align: center"><span style="font-size: 10pt"><b>3 Years</b></span></td> <td id="xdx_487_eoef--ExpenseExampleYear05_z1GBwSrr5I3g" style="border-bottom: black 1pt solid; width: 13%; text-align: center"><span style="font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_488_eoef--ExpenseExampleYear10_zrXGjbArX074" style="border-bottom: black 1pt solid; width: 12%; text-align: center"><span style="font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_416_20261028__20261028__dei--LegalEntityAxis__custom--S000076784Member__oef--ClassAxis__custom--C000236819Member_zecKBXSDurva" style="vertical-align: top"> <td style="text-align: center"><span style="font-size: 10pt">$154</span></td> <td style="text-align: center"><span style="font-size: 10pt">$480</span></td> <td style="text-align: center"><span style="font-size: 10pt">$828</span></td> <td style="text-align: center"><span style="font-size: 10pt">$1,810</span></td></tr> </table> 154 480 828 1810 <p id="xdx_A81_eoef--PortfolioTurnoverTextBlock_ziBx4GxQYps1" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b><i>Portfolio Turnover: </i></b>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 <span id="xdx_903_eoef--PortfolioTurnoverRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000076784Member_zMprYxfxysSh">111%</span> of the average value of its portfolio.</p> 1.11 <p id="xdx_A82_eoef--StrategyNarrativeTextBlock_zmunFECJiEI6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Principal Investment Strategies:</b> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIEludmVzdG1lbnQgU3RyYXRlZ3kA" id="xdx_90D_efnd--NmRule35d1EightyPctInvstmntPlcyTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000076784Member_zR5oKKrVmMm8">The Fund is an actively managed exchange-traded fund (an “ETF”). Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in instruments that together have economic characteristics substantially similar to an investment in Bitcoin.</span> The Fund’s Adviser seeks to achieve the Fund’s investment objective by using two primary strategies: (1) a Bitcoin strategy, and (2) an income strategy. The Fund’s 80% policy is non-fundamental and can be changed without shareholder approval.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>The Fund does not invest in Bitcoin directly.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="text-decoration: underline;"><i>Bitcoin Strategy</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Adviser seeks capital gains through a Bitcoin strategy. Under normal market conditions, the Adviser selects investments in Bitcoin related instruments so that the total value of economic Bitcoin exposure is approximately 100% to 200% of the net assets of the Fund. The Adviser uses a proprietary economic model to establish Bitcoin exposure along the 100% to 200% continuum. The proprietary model uses historical data to identify price and volatility trends and then predict current market behavior. The Adviser increases or decreases Bitcoin exposure based on the direction of the trends. The Bitcoin related instruments in which the Fund invests are Bitcoin futures, exchange-traded products with direct exposure to Bitcoin (“Bitcoin ETPs”), exchange-traded funds with indirect exposure to Bitcoin primarily through Bitcoin futures, options, or other derivative instruments (“Bitcoin ETFs”), and options and swaps linked to Bitcoin ETFs and Bitcoin ETPs as well as swaps and options on Bitcoin. The Adviser selects the instrument or instruments it believes presents the most economically efficient means to capture Bitcoin returns. The Adviser may reallocate among instruments when one becomes more economically efficient.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Bitcoin Futures and Swaps </i></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Bitcoin futures are intended to track, although not lockstep, the price of Bitcoin. The Fund only invests in standardized, cash-settled Bitcoin futures contracts traded on commodity exchanges registered with the Commodity Futures Trading Commission. As of the date of this prospectus, only regulated U.S. exchanges have such contracts. The value of Bitcoin futures is determined by reference to the underlying reference asset (the spot price of Bitcoin as measured by the relevant futures exchange, which is based on a survey of major spot Bitcoin exchanges). The Adviser invests primarily in front-month Bitcoin futures. Front month Bitcoin futures contracts are those contracts with the shortest time to maturity.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Fund may also gain exposure to Bitcoin by entering into swap agreements that use Bitcoin, a Bitcoin ETF or Bitcoin ETP as the reference asset. A swap agreement is a two-party contract entered into primarily by institutional investors for periods ranging from a day to more than one year. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The swap agreements entered into by the Fund may provide exposure to a single Bitcoin ETF and/or Bitcoin ETP, multiple Bitcoin ETPs and/or Bitcoin ETFs, or solely to Bitcoin. The particular Bitcoin ETF or Bitcoin ETP used as the reference asset for one or more of the Fund’s swap agreements may change at any time based on a variety of factors, including market conditions, counterparty terms, and the liquidity, performance, and fees of those Bitcoin ETFs and Bitcoin ETPs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Bitcoin ETPs and Bitcoin ETFs </i></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Bitcoin ETPs are investment vehicles that track the price of Bitcoin by directly holding actual Bitcoin (called “spot”) as their underlying asset while Bitcoin ETFs primarily invest in Bitcoin futures, options, swaps, or other derivative instruments to gain exposure to Bitcoin. The Bitcoin ETPs and Bitcoin ETFs trade on a U.S.-regulated securities exchange. Unlike Bitcoin ETFs, Bitcoin ETPs are not registered as investment companies under the Investment Company Act of 1940, as amended (the “1940 Act”). The Adviser selects specific Bitcoin ETPs and Bitcoin ETFs that it believes offer sufficient liquidity and relatively low expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Options on Bitcoin, Bitcoin Futures, Bitcoin ETFs and Bitcoin ETPs </i></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In effectuating the Fund’s Bitcoin strategy, the Fund may purchase call options contracts that utilize Bitcoin, Bitcoin futures, a Bitcoin ETF or Bitcoin ETP as the reference asset. To implement the Bitcoin options strategy, the Fund invests in over-the-counter options on Bitcoin and traditional exchange-traded options on Bitcoin futures, Bitcoin ETFs, Bitcoin ETPs, or an index of Bitcoin ETPs and/or FLexible EXchange^® options (“FLEX Options”) that utilize a Bitcoin ETF or Bitcoin ETP as the reference asset. The Fund will close out over-the-counter options on Bitcoin prior to expiration so that it does not take delivery of Bitcoin. The Fund expects to primarily invest in options contracts that are listed, traded and cleared on regulated U.S. exchanges. Traditional exchange-traded options have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed for settlement by the OCC.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Option Sub-Strategy </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Adviser seeks additional capital gains through an option sub-strategy with up to 20% of Fund assets. However, gains from written option premiums are often referred to as income. The option strategy consists of an exchange-traded and over-the-counter (“OTC”) put and call buying and writing strategy on instruments linked to Bitcoin. A call option gives the owner the right, but not the obligation, to buy a security, index future, ETF, or 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 index futures or sell a security, index future, ETF, or reference asset at a specified price (strike price) within a specific time period. The Adviser focuses on creating synthetic-type exposure to Bitcoin by writing put options and buying call options on Bitcoin-linked reference assets. This paired (or two-leg) option strategy is referred to in option industry parlance as a “risk reversal” strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Risk Reversal </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">A risk reversal strategy involves buying an out-of-the-money call and selling an out-of-the-money put. For example, if the reference asset price is currently $100, the Fund might buy a call at the $105 strike price and sell an out-of-the-money put at the $95 strike price. The initial cost of the strategy would be small and may potentially provide a net credit. If the reference asset price at expiration is above the $105 strike, the Fund would begin to profit at a one-to-one ratio and the written put would expire worthless. If the reference asset price goes below the $95 strike, the Fund would begin to lose at the same one-to-one ratio and the purchased call would expire worthless. When the Adviser expects the price of Bitcoin to rise, this bullish strategy is very efficient because of the low cost to establish the position. In terms of return profile, it is similar to being long the Bitcoin-linked instrument, but at a much lower initial cost. However, the Fund remains exposed to significant downside risk because it has written (i.e. a short position) the put.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Generally, the Adviser selects among the options linked strategies based upon its evaluation of relative value based on cost, strike price (price that the optioned asset 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 approaching maturity or opportunistic portfolio rebalancing. The Fund anticipates purchasing and selling options on a weekly, monthly, quarterly, and annual basis, depending upon the Adviser’s strategy outlook and the individual option expiration dates. However, the Fund may adjust its option portfolio on a more frequent basis for a number of reasons such as if market volatility renders the return profile provided by the option strategy less effective or 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. While the option strategy is intended to improve the Fund’s performance, there is no guarantee that it will do so.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The Fund is deemed to be concentrated because it invests more than 25% of its net assets in investments that provide exposure to Bitcoin and/or Bitcoin futures contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Bitcoin and Bitcoin Blockchain</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin is a digital asset that operates on a decentralized network using blockchain technology to facilitate secure and anonymous transactions. Bitcoin represents a digital asset that functions as a medium of exchange (although it is not widely used in this manner at present) utilizing cryptographic protocols to secure transactional processes, control the creation of additional units, and verify the transfer of assets. Its operation on a decentralized blockchain network ensures both transparency and immutability of records, without the need for a central authority. This innovative technology underpinning Bitcoin allows for peer-to-peer transactions and provides a framework for digital scarcity.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Bitcoin blockchain constitutes a decentralized, digital ledger technology that chronologically and publicly records all Bitcoin transactions. This technology is characterized by its use of blocks, which are structurally linked in a chain through cryptographic hashes. Each block contains a list of transactions that, once verified and added to the blockchain through a consensus process known as proof of work, become extremely difficult to reverse and tamper with. The integrity, transparency, and security of the transactional data are maintained autonomously within the Bitcoin network, eliminating the necessity for central oversight and facilitating trust in a peer-to-peer system.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="text-decoration: underline; font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Income Strategy</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">To the extent Fund assets are not consumed by the Bitcoin Strategy and to serve as collateral for certain derivative positions, the Adviser deploys assets through an income strategy focused on high-quality short-term debt instruments: U.S. Treasury securities, U.S. Treasury Inflation-Protected Securities (“TIPS”), and fixed-income ETFs that invest primarily in U.S. Treasury securities. A portion of these securities serve as collateral for the Fund’s futures, options, and swap positions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Additionally, the Fund increases its income producing portfolio through leverage by entering into reverse repurchase agreements. Reverse repurchase agreements are contracts in which the Fund is a seller of securities under an agreement to buy the securities back at a specified time and price. Reverse repurchase agreements are used by the Fund as an indirect means of borrowing. The Adviser may invest in an affiliated money market ETF to manage liquidity or to pledge as collateral for derivatives.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="text-decoration: underline;"><i>Subsidi<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ary</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span id="xdx_90C_eoef--StrategyPortfolioConcentration_c20261028__20261028__dei--LegalEntityAxis__custom--S000076784Member_zXw0Wf4g0Hs1">The Fund executes a portion of its Bitcoin strategy indirectly by investing up to 25% of its total assets (measured at the time of investment) in a wholly owned and controlled subsidiary, the Simplify Bitcoin Strategy PLUS Income Cayman Fund (the “Subsidiary”)</span>, which is designed to enhance the ability of the Fund to obtain indirect exposure to the Bitcoin market consistent with the limits of the U.S. federal tax law requirements applicable to registered investment companies. The Fund expects to gain exposure to Bitcoin futures, Bitcoin swaps, Bitcoin ETP swaps, options on Bitcoin, Bitcoin futures, Bitcoin ETPs, or an index of Bitcoin ETPs through the Subsidiary. The Fund does not control any other entity. The Subsidiary is advised by the Adviser. Unlike the Fund, the Subsidiary may invest without limitation indirectly in Bitcoin-related investments, however, the Subsidiary will comply with the same Investment Company Act of 1940 asset coverage requirements, when viewed on a consolidated basis with the Fund, with respect to its investments in derivatives; and also complies with the provisions of the Investment Company Act of 1940 in Section 15 (regarding investment advisory contract approvals).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Fund is classified as a “non-diversified” investment company under the 1940 Act, which means that the Fund may invest a higher percentage of its assets in a fewer number of issuers than is permissible for a “diversified” fund.</p> The Fund is an actively managed exchange-traded fund (an “ETF”). Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in instruments that together have economic characteristics substantially similar to an investment in Bitcoin. The Fund executes a portion of its Bitcoin strategy indirectly by investing up to 25% of its total assets (measured at the time of investment) in a wholly owned and controlled subsidiary, the Simplify Bitcoin Strategy PLUS Income Cayman Fund (the “Subsidiary”) <p id="xdx_A8D_eoef--RiskTextBlock_z28rgXT1UbXg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Principal Investment Risks:</b> <i><span id="xdx_90D_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000076784Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zrmZiLfn4p94">As with all funds, there is the risk that you could lose money through your investment in the Fund.</span> Many factors affect the Fund’s NAV and price of shares and performance.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following describes the principal risks the Fund bears with respect to its investments. <span id="xdx_903_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000076784Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zmKzboUkrTLg">As with any fund, there is no guarantee that the Fund will achieve its goal.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 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. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--BitcoinRiskMember_zZtWhoEGqqe4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Bitcoin Risk. </i> The value of the Fund’s investments in Bitcoin related instruments are subject to fluctuations in the value of Bitcoin. Bitcoin is a relatively new innovation and the market for Bitcoin is subject to rapid price swings, changes and uncertainty. The further development of the Bitcoin network and the acceptance and use of Bitcoin are subject to a variety of factors that are difficult to evaluate. The value of Bitcoin has been, and may continue to be, substantially dependent on speculation, such that trading and investing in these assets generally may not be based on fundamental analysis. The slowing, stopping or reversing of the development of the Bitcoin network or the acceptance of Bitcoin may adversely affect the price of Bitcoin. Bitcoin is subject to the risk of fraud, theft, manipulation or security failures, operational or other problems that impact the digital asset trading venues on which Bitcoin trades. The Bitcoin blockchain may contain flaws that can be exploited by hackers. A significant portion of Bitcoin is held by a small number of holders sometimes referred to as “whales.” Transactions of these holders may influence the price of Bitcoin.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unlike the exchanges for more traditional assets, such as equity securities, Bitcoin and the digital asset trading venues on which it trades are largely unregulated and highly fragmented and digital asset trading venues may be operating out of compliance with regulations. As a result of the lack of regulation, individuals or groups may engage in fraud or market manipulation (including using social media to promote Bitcoin in a way that artificially increases the price of Bitcoin). Investors may be more exposed to the risk of theft, fraud and market manipulation than when investing in more traditional asset classes. Over the past several years, a number of digital asset trading venues have been closed due to fraud, failure or security breaches. Investors in Bitcoin may have little or no recourse should such theft, fraud or manipulation occur and could suffer significant losses. Legal or regulatory changes may negatively impact the operation of the Bitcoin network or restrict the use of Bitcoin. The Bitcoin related instruments may also be negatively impacted by regulatory enforcement actions against the digital asset trading venues upon which Bitcoin trades. Such actions could significantly reduce the number of venues upon which Bitcoin trades and could negatively impact the Bitcoin held by the Bitcoin ETPs and the Bitcoin-linked derivatives. In addition, digital asset trading venues, Bitcoin miners, and other participants may have significant exposure to other digital assets. Instability in the price, availability or legal or regulatory status of those instruments may adversely impact the operation of the digital asset trading venues and the Bitcoin network. The realization of any of these risks could result in a decline in the acceptance of Bitcoin and consequently a reduction in the value of Bitcoin, Bitcoin-linked derivatives, and shares of the Bitcoin ETPs and Bitcoin ETFs. Such occurrences could also impair the Bitcoin ETPs’ and Bitcoin ETFs’ ability to meet their investment objective pursuant to their respective investment strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Bitcoin network is maintained and secured by a group of validators who “mine” Bitcoin, which involves contributing computer power to the network to validate transactions, maintain security and finalize settlement. The Bitcoin blockchain relies on a consensus mechanism whereby miners agree on the accurate state of the database. If a malicious actor (or group of actors) were to gain control of more than 50% the mining (or “hash”) power in the network, even temporarily, they would have the ability to block new transactions from being confirmed and could, over time, reverse or reorder prior transactions. Although it may be challenging for a malicious actor (or group of actors) to gain control of 50% of the mining (or “hash”) power in the Bitcoin blockchain, such an attack would significantly impact the value of Bitcoin, and thereby of the Bitcoin held by the Bitcoin ETPs, the Bitcoin futures contracts held by the Bitcoin ETF, and Bitcoin-linked derivatives.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A blockchain is a public database that is updated, shared and maintained across many computers in a network. The software that powers a blockchain is known as its protocol. Like all software, these protocols may update or change from time-to-time. In the case of the Bitcoin protocol, updates are made based on proposals submitted by developers, but only if a majority of the users and miners adopt the new proposals and update their individual copies of the protocol. Certain upgrade proposals to a blockchain may not be accepted by all the participants in an ecosystem. If one significant group adopts a proposed upgrade and another does not – or if groups adopt different upgrades – this can result in a “fork” of the blockchain, wherein two distinct sets of users and validators or users and miners run two different versions of a protocol. If the versions are sufficiently different such that the two versions of the protocol cannot simultaneously maintain and update a shared record of the blockchain database, it is called a “hard fork.” A hard fork can result in the creation of two competing blockchains, each with its own native crypto assets. For instance, on August 1, 2017, two factions in the Bitcoin community could not agree on whether or not to adopt an upgrade to the Bitcoin protocol related to how to scale throughput on the blockchain. The disagreement created a fork, with the smaller group taking the name “Bitcoin Cash” and running its own blockchain and related native crypto asset. The larger group retained the name Bitcoin for its blockchain and held Bitcoin as the native crypto asset. Additional forks of the Bitcoin blockchain are possible. A large-scale fork could introduce risk, uncertainty, or confusion into the Bitcoin blockchain, or could fraction the value of the main blockchain and its native crypto asset, which could significantly impact the value of Bitcoin held by the Bitcoin ETPs, Bitcoin futures contracts held by the Bitcoin ETFs, and Bitcoin-linked derivatives held by the Fund. Additionally, a hack of the Bitcoin blockchain or one or more projects that interact with or that are built on top of the Bitcoin blockchain could negatively impact the price of Bitcoin, whether it leads to another hard fork or not, and thereby the value of the Bitcoin held by the Bitcoin ETPs, the Bitcoin futures contracts held by the Bitcoin ETFs, and Bitcoin-linked derivatives held by the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Bitcoin blockchain and its native crypto asset, Bitcoin, face numerous challenges to gaining widespread adoption as an alternative payments system, including the slowness of transaction processing and finality, variability in transaction fees and volatility in Bitcoin’s price. It is not clear that the Bitcoin blockchain or Bitcoin can overcome these and other impediments, which could harm the long-term adoption of the Bitcoin blockchain and Bitcoin as an alternative payment system, and thereby negatively impact the price of Bitcoin. In addition, alternative public blockchains have been developed and may in the future develop that compete with the Bitcoin blockchain and may have significant advantages as alternative payment systems, including higher throughput, lower fees, faster settlement and finalization, and the ability to facilitate untraceable and/or privacy-shielded transactions through the use of zero-knowledge cryptography or other means. It is possible that these alternative public blockchains and their native crypto assets may be more successful than the Bitcoin blockchain and Bitcoin in gaining adoption as an alternative payments system, which could limit the long-term adoption of the Bitcoin blockchain and Bitcoin, thereby negatively impact the price of Bitcoin. Such alternative public blockchains, such as the Ethereum network, allow users to write and implement smart contracts—that is, general-purpose code that executes on every computer in the network and can instruct the transmission of information and value based on a sophisticated set of logical conditions. Using smart contracts, users can create markets, store registries of debts or promises, represent the ownership of property, move funds in accordance with conditional instructions and create other digital assets. Furthermore, traditional payment systems may improve their own technical capabilities and offer faster settlement times, faster finalization and lower fees. This could make it more difficult for the Bitcoin blockchain and Bitcoin to gain traction as an alternative payments system, which could limit the long-term adoption of the Bitcoin blockchain and Bitcoin, and thereby negatively impact the price of Bitcoin. Finally, one means by which the ecosystem surrounding the Bitcoin blockchain has attempted to mitigate concerns about the slowness of transaction processing and finality and the variability of transaction fees has been through the development of so-called Layer 2 networks, including the “Lightning Network.” Layer 2 networks are separate blockchains built on top of “Layer 1” blockchains like the Bitcoin blockchain for the purpose of augmenting the throughput of the Layer 1 blockchain, and often, providing lower fees for transaction processing and faster settlement. Layer 2 blockchains introduce certain risks into the Bitcoin ecosystem that should be considered. For instance, Layer 2 blockchains are a relatively new and still developing technology. Technological issues – including hacks, bugs, or failures – could introduce risk or harm confidence in the Bitcoin ecosystem, which could negatively impact the price of Bitcoin. In addition, users may choose to settle an increasing share of transactions on Layer 2 blockchains, which could negatively impact the transaction activity on, and the amount of fee revenue generated by, the Bitcoin blockchain itself, which could negatively impact the price of Bitcoin. If these or other developments negatively impact the price of Bitcoin, this would negatively impact the value of the Bitcoin ETPs, Bitcoin ETFs and Bitcoin-linked derivatives held by the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The realization of any of these risks could result in a decline in the acceptance of Bitcoin and consequently a reduction in the value of Bitcoin, Bitcoin futures, Bitcoin-linked derivatives, and the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in; font-size: 10pt"> </td> <td style="width: 0.25in; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Bitcoin Tax Risk.</i> By investing in Bitcoin futures indirectly through the Subsidiary, the Fund will obtain exposure to the crypto asset Bitcoin within the federal tax requirements that apply to the Fund. However, because the Subsidiary is a controlled foreign corporation, any income received by the Fund from its investments in the Subsidiary will be passed through to the Fund as ordinary income, which may be taxed at less favorable rates than capital gains.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund’s investments in Bitcoin ETPs or similar investment vehicles are grantor trusts for U.S. federal income tax purposes, and therefore an investment by the Fund directly in such an investment will generally be treated as a direct investment in Bitcoin for such purposes. In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) requires, among other things, that at least 90% of the Fund’s income be “qualifying income.” Although the income from Bitcoin ETPs in which the Fund invests is not treated as qualifying income, the Fund avoids the recognition of any income from Bitcoin ETPs by handling any Bitcoin ETP transactions with Authorized Participants (“AP”) through in-kind creations and redemptions. For example, if the Fund wants to reduce its exposure to Bitcoin ETPs, it may deliver a basket of the Bitcoin ETPs to the AP in exchange for shares of the Fund. The Bitcoin ETPs are not sold by the Fund and therefore, no income is generated for the Fund. To the extent the IRS disagrees with the Fund’s view regarding the use of the in-kind creation and redemptions to avoid recognition of non-qualifying income from Bitcoin ETPs, then the Fund may fail to qualify as a RIC under the Code. If, in any year, the Fund fails to qualify as a RIC and was ineligible to or was not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation and subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. See “Authorized Participant Risk” below for additional risks regarding APs.</p></td></tr> </table> <p style="margin: 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in; font-size: 10pt"> </td> <td style="width: 0.25in; text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Bitcoin Futures Contract Risk. </i>The market for Bitcoin futures may be less developed, and potentially less liquid and more volatile, than more established futures markets as Bitcoin futures are relatively new. The successful use of futures contracts draws upon the Adviser’s skill and experience with respect to such instruments and are subject to special risk considerations. The primary risks associated with the use of futures contracts are (a) the imperfect correlation between the change in market value of the reference asset and the price of the futures contract; (b) possible lack of a liquid secondary market and the resulting inability to close a futures contract when desired; (c) investments in futures contracts involves leverage, which means a small percentage of assets in futures can have a disproportionately large impact on the Fund and the Fund can lose more than the principal amount invested; (d) losses caused by unanticipated market movements, which are potentially unlimited; (e) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so. Bitcoin futures may trade at a price premium above Bitcoin. As a futures contract approaches expiration, the price premium will tend to erode, which will result in losses to the Fund assuming other things equal.</p></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zmhD0gaCBx62" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Options Risk.</i> Buying and selling (writing) options are speculative activities and entail greater than ordinary investment risks. Options enable the Fund to purchase exposure that is significantly greater than the premium paid. Consequently, the value of such options can be volatile, and a small investment in options can have a large impact on the performance of the Fund. The Fund risks losing all or part of the cash paid (premiums) for purchasing options. Even a small decline in the value of a reference asset underlying call options or a small increase in the value of a reference asset underlying put options can result in the entire investment in such options being lost. The Fund’s options also may fail to track the performance of their underlying reference asset, which may limit the effectiveness of the Fund’s strategy. The potential loss from written options can exceed the Fund’s initial investment in such options and could be unlimited. As a seller (writer) of a put option, the Fund will tend to lose money if the value of the reference index or security falls below the strike price. As the seller (writer) of a call option, the Fund will tend to lose money if the value of the reference index or security rises above the strike price. As the buyer of a put or call option, the Fund risks losing the entire premium invested in the option if the Fund does not exercise the option. Additionally, option spreads expose the Fund to potential losses of the amount between the strike price of the written option and the purchased option.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_zdlwc51YxlI9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><i>Swap Risk.</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zSIcM4vE1R4c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Active Management Risk. </i>The Fund is subject to the risk that the investment management strategy may not produce the intended results and may negatively impact Fund performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--BitcoinETFRisksMember_zInODAnXkj8i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Bitcoin ETF Risks. </i><span style="text-decoration: underline"><b>The Bitcoin ETFs do not invest directly in Bitcoin</b></span><b>.</b> Instead, the Bitcoin ETFs obtain indirect exposure to Bitcoin by investing in Bitcoin futures, swaps, and/or options. The market for derivatives linked to Bitcoin may be less developed, and potentially less liquid and more volatile, than more established markets. While these markets have grown substantially since Bitcoin derivatives commenced trading, there can be no assurance that this growth will continue. The price for Bitcoin futures, swaps, and options is based on a number of factors, including the supply of and the demand for these derivatives. Market conditions and expectations, position limits, accountability levels, collateral requirements, availability of counterparties, and other factors each can impact the supply of and demand for these derivatives. Additionally, due to the high margin requirements that are unique to Bitcoin futures contracts, the Bitcoin ETFs may experience difficulty maintaining the desired level of exposure to Bitcoin solely through futures contracts. If a Bitcoin ETF is unable to achieve such exposure it may not be able to meet its investment objective and the Bitcoin ETF’s returns may be different or lower than expected. Additionally, collateral requirements may require the Bitcoin ETFs to liquidate their positions, potentially incurring losses and expenses, when it otherwise would not do so. Investing in derivatives like Bitcoin futures may be considered aggressive and may expose the Bitcoin ETFs to significant risks. These risks include counterparty risk and liquidity risk.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zZ6r8puRvGHi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Concentration Risk</i>. The Fund’s net asset value may fluctuate more than that of a fund that does not concentrate in Bitcoin related instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zENjiePgSuNk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>Early Close/Trading Halt Risk.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfStructureRiskMember_zxnQdTHNWJRe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>ETF Structure Risks.</i> The Fund is structured as an ETF and will invest in underlying ETFs. As a result, the Fund is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>Not Individually Redeemable.</i> The Fund’s shares (“Shares”) are not redeemable by retail investors and may be redeemed only by Authorized Participants at net asset value (“NAV”) and only in Creation Units. A retail investor generally incurs brokerage costs when selling shares.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>Trading Issues.</i> Trading in Shares on The Nasdaq Stock Market LLC (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.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>Market Price Variance Risk.</i> 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.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">○</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">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.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">○</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">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 for the Shares than the Fund’s NAV, which is reflected in the bid and ask price for the Shares or in the closing price.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">○</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">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.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>Authorized Participant Risk.</i> 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.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedProductETPRiskMember_zPe2F42RNMU3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Exchange Traded Product (ETP) Risk.</i> The Fund may invest in Bitcoin ETPs. Through its positions in Bitcoin ETPs, the Fund generally will be subject to the risks associated with such vehicle’s investments, including the possibility that the value of the securities or instruments held by or linked to a Bitcoin ETP could decrease. The Bitcoin ETPs in which the Fund invests are not registered, nor are they required to be registered, as investment companies subject to the 1940 Act and, therefore, are not subject to the regulatory scheme of the 1940 Act. When the Fund invests in a Bitcoin ETP, in addition to directly bearing the expenses associated with its own operations, it also will bear a pro rata portion of the Bitcoin ETP’s expenses (including operating costs and management fees).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z0zph3HrPvU5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Fixed Income Securities Risk. </i>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. A rise in interest rates may result in a decline in the value of the fixed income investments held by the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zufntks1Xy5f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Leverage Risk</i>. The use of leverage by the Fund, such as borrowing money through reverse repurchase agreements or the use of options, will cause the Fund to incur additional expenses and magnify the Fund’s gains or losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zzsM7Gn0xZc6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><i>Market and Geopolitical Risk. </i>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. Assets in the Fund’s portfolios may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change or climate related events, pandemics, epidemics, terrorism, international conflicts and wars, 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zOZSMkq47Ro4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Non-Diversification Risk. </i><span id="xdx_908_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000076784Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zrLEFvKfvIpf">The Fund’s portfolio may focus on a limited number of investments and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> The Fund’s portfolio may focus on a limited number of investments and will be subject to potential for volatility than a diversified fund. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ReverseRepurchaseAgreementsRiskMember_zo4tr8t6G0B2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Reverse Repurchase Agreements Risk</i>. The reverse repurchase agreement counterparty may fail to return securities to the Fund. Such securities may be costly to replace.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TIPSRiskMember_zr6hFXwow42i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>TIPS Risk</i>. TIPS are debt instruments issued by the by the United States Department of the Treasury. The principal of TIPS increases with inflation and decreases with deflation, as measured by the Consumer Price Index. When TIPS mature, investors are paid the adjusted principal or original principal, whichever is greater. Interest payments on TIPS are unpredictable and will fluctuate as the principal and corresponding interest payments are adjusted for inflation. Inflation-indexed bonds generally pay a lower nominal interest rate than a comparable non-inflation-indexed bond. There can be no assurance that the CPI will accurately measure the real rate of inflation in the prices of goods and services. Any increases in the principal amount of TIPS will be considered taxable ordinary income, even though the Fund or applicable underlying ETF will not receive the principal until maturity. As a result, the Fund may make income distributions to shareholders that exceed the cash it receives. In addition, TIPS are subject to credit risk, interest rate risk, and maturity risk.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryMarketRiskMember_zO9bt1ryQVg2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>U.S. Treasury Market Risk</i>. The U.S. Treasury market can be volatile, and the value of instruments correlated with these markets may fluctuate dramatically from day to day. U.S. Treasury obligations may provide relatively lower returns than those of other securities. Similar to other debt instruments, U.S. Treasury obligations are subject to debt instrument risk and interest rate risk. In addition, changes to the financial condition or credit rating of the U.S. Government may cause the value of U.S. Treasury obligations to decline.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundRiskMember_z6UoQ43xEx78" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><i>Underlying Fund Risk</i>. ETFs and ETPs 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 ETPs and may be higher than other funds that invest directly in stocks and bonds. Each of the ETFs and ETPs 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zbOAIuwxrmii" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><i>Valuation Risk.</i> The sales price the Fund could receive for any particular portfolio investment may differ from the Fund’s valuation of the investment, particularly for securities or other investments, such as Bitcoin, that trade in thin or volatile markets or that are valued using a fair value methodology. Valuation may be more difficult in times of market turmoil since many investors and market makers may be reluctant to purchase complex instruments or quote prices for them. The Fund’s ability to value its investments may be impacted by technological issues and/or errors by pricing services or other third party service providers. Shares of the Bitcoin ETPs and Bitcoin ETFs are intended to reflect the price of bitcoin, less fees and expenses. The price of a Bitcoin ETP or Bitcoin ETF may go down even if the price of the underlying asset, bitcoin, remains unchanged. Additionally, shares that trade at a premium mean that an investor who purchases $1 of a portfolio will actually own less than $1 in assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--WhollyownedSubsidiaryRiskMember_zee1joftuuk1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Wholly-Owned Subsidiary Risk. </i>Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or Subsidiary to operate as described in this Prospectus and could negatively affect the Fund and its shareholders. The Subsidiary is not registered under the Investment Company Act of 1940 (“1940 Act”), as amended, and, unless otherwise noted in this Prospectus, is not subject to all of the investor protections of the 1940 Act, such as limits on leverage when viewed in isolation from the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--AffiliatedMoneyMarketETFConflictofInterestRisksMember_zrTvYrZbhRE" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Affiliated Money Market ETF Conflict of Interest Risk.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TurnoverRateRiskMember_zSgur09FFRC7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Turnover Rate Risk. </i><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may have portfolio turnover rates significantly in excess of 100%. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund’s performance and may produce increased taxable distributions.</span></p> <p id="xdx_A8F_eoef--PerformanceNarrativeTextBlock_zMEueW9fIh7e" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Performance: </b><span id="xdx_900_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20261028__20261028__dei--LegalEntityAxis__custom--S000076784Member_zoeGRnnPsEAl">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. </span> <span id="xdx_904_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000076784Member_zjyveoweu1Ak">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information is available at no cost by visiting <span id="xdx_903_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000076784Member_zEa2htnEenWk"><span style="text-decoration: underline">www.simplify.us/etfs</span></span> or by calling <span id="xdx_902_eoef--PerformanceAvailabilityPhone_c20261028__20261028__dei--LegalEntityAxis__custom--S000076784Member_z5h04GlZgU43">1 (855) 772-8488</span>.</p> 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 <p id="xdx_A86_eoef--BarChartTableTextBlock_zPgsiMhqpiq9" style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><img alt="" src="pro-maxi_001.jpg" style="height: 270px; width: 450px"/></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zV76Q0mLyBE4" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; 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="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2023</td> <td id="xdx_983_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000236819Member_zbJyWihXzkva" style="display: none; text-align: center; width: 50%">143.55%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_98D_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000236819Member_zEdrrrtGFpUg" style="display: none; text-align: center">90.53%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_983_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000236819Member_zMWQqr5viCt2" style="display: none; text-align: center">-26.37%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> 1.4355 0.9053 -0.2637 <p id="xdx_A87_eoef--BarChartClosingTextBlock_zttTjodZBNHd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify; text-indent: 0.5in">During the periods shown in the bar chart above, the Fund’s <span id="xdx_903_eoef--HighestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000076784Member_zozqEzUnuxy4">highest quarterly return</span> was <span id="xdx_902_eoef--BarChartHighestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000076784Member_zlVxwURuVYBk">69.81% </span>(quarter ended <span id="xdx_90A_eoef--BarChartHighestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000076784Member_z9UPyJMc5lfa">March 31, 2023</span>) and the Fund’s <span id="xdx_904_eoef--LowestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000076784Member_zGvNUd42ics9">lowest quarterly return</span> was <span id="xdx_90A_eoef--BarChartLowestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000076784Member_z0Ld4Yydx915">-40.82% </span>(quarter ended <span id="xdx_903_eoef--BarChartLowestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000076784Member_zlzCWqgStcod">December 31, 2025</span>). The calendar <span id="xdx_902_eoef--YearToDateReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000076784Member_z8J1xBwyXbL3">year-to-date total return</span> of the Fund as of <span id="xdx_904_eoef--BarChartYearToDateReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000076784Member_zdWBI67vNFLi">September 30, 2026</span> was <span id="xdx_90E_eoef--BarChartYearToDateReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000076784Member_zMFGn0jegQX3">9.57%</span>.</p> highest quarterly return 0.6981 2023-03-31 lowest quarterly return -0.4082 2025-12-31 year-to-date total return 2026-09-30 0.0957 Average Annual Total Returns for the Periods Ended December 31, 2025 <div id="xdx_A8A_eoef--PerformanceTableTextBlock_zXLz3mPPtZKf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zXi4eQWaNXjk" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"> </td> <td style="vertical-align: bottom; text-align: center"> </td> <td colspan="2" id="xdx_499_20250101__20251231_zgosPX82xbRe" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td style="vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center"> </td> <td colspan="2" id="xdx_49E_20220929__20251231_zQDisf9kHt1g" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>Since<br/> Inception<br/> (<span id="xdx_906_eoef--PerfInceptionDate_c20261028__20261028__oef--ClassAxis__custom--C000236819Member_zccmALqPfRu8">9/29/22</span>)</b></span></td> <td style="vertical-align: bottom; text-align: center"> </td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000236819Member_zwUx3TyjHKh9" style="background-color: Gainsboro"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top; width: 76%"><span style="font-size: 10pt">Return Before Taxes</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 1%"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 9%; text-align: right"><span style="font-size: 10pt">-26.37</span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt">%</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 1%"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 9%; text-align: right"><span style="font-size: 10pt">39.72</span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000236819Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zVZE3YRR3WD" style="background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-size: 10pt">Return After Taxes on Distributions</span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">-34.51</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">24.42</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000236819Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zShrrKKolfl1" style="background-color: Gainsboro"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-size: 10pt">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">-13.49</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">26.60</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000236819Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zz3PhI31Ohpl" style="background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-size: 10pt">S&amp;P 500 Index (<span id="xdx_901_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261028__20261028__dei--LegalEntityAxis__custom--S000076784Member_z8IdqSEKZkZ9">reflects no deduction for fees, expenses or taxes</span>)</span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">17.88</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">23.19</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> 2022-09-29 -0.2637 0.3972 -0.3451 0.2442 -0.1349 0.2660 reflects no deduction for fees, expenses or taxes 0.1788 0.2319 <p id="xdx_A82_eoef--PerformanceTableClosingTextBlock_z7NOpmiTg0nk" style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span id="xdx_904_eoef--PerformanceTableUsesHighestFederalRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000076784Member_zCHFoWCiBSyg">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.</span> <span id="xdx_908_eoef--PerformanceTableNotRelevantToTaxDeferred_c20261028__20261028__dei--LegalEntityAxis__custom--S000076784Member_z4aTq5INrcJ1">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.</span></p> 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. FUND SUMMARY – SIMPLIFY BOND BULL ETF <p id="xdx_A8A_eoef--ObjectivePrimaryTextBlock_zD4aFwcRiCz6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment Objective: </b>The Simplify Bond Bull ETF (the “Fund” or “RFIX”) seeks to hedge interest rate movements arising from falling long-term interest rates, and to benefit from market stress when fixed income volatility increases, while providing the potential for income.</span></p> <p id="xdx_A8E_eoef--ExpenseNarrativeTextBlock_ztmhUUzB66oi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fees and Expenses of the Fund: </b>This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table or example below.</b></span></p> <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zMuJ3PDpp1dd"></div> <table cellpadding="3" cellspacing="0" id="xdx_A53_dU_zjizbcn5ojz6" 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="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: gainsboro"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 65%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<br/> </b>(expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_49C_20261028__20261028__dei--LegalEntityAxis__custom--S000088354Member__oef--ClassAxis__custom--C000254610Member_zNeGz6cNEKKa" style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zE0FQgYOQzic" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fees</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.50%</span></td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zd3oau0TzHf4" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and Service (12b-1) Fees </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zPHpkD4UeVRk" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zty68oaoEnsa" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.50%</span></td></tr> </table> 0.0050 0.0000 0.0000 0.0050 <p id="xdx_A8E_eoef--ExpenseExampleNarrativeTextBlock_z9tuuj11myIe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Example: </i></b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. <span id="xdx_90C_eoef--ExpenseExampleByYearCaption_c20261028__20261028__dei--LegalEntityAxis__custom--S000088354Member_z3vRINqajHtg">Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span></span></p> Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zD85BWQilbIl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zEeXlNMK7mN9" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: gainsboro"> <td id="xdx_483_eoef--ExpenseExampleYear01_zcBSH9srclKk" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_486_eoef--ExpenseExampleYear03_zUHYVYH5ltDk" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td> <td id="xdx_48D_eoef--ExpenseExampleYear05_zsElhhhV5Hyj" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_484_eoef--ExpenseExampleYear10_zZPcZB05rNH5" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_41B_20261028__20261028__dei--LegalEntityAxis__custom--S000088354Member__oef--ClassAxis__custom--C000254610Member_zzNf8pH1JEW4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$51</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 13%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$161</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 13%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$282</span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$632</span></td></tr> </table> 51 161 282 632 <p id="xdx_A8A_eoef--PortfolioTurnoverTextBlock_zGoiwhwA3DEi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Portfolio Turnover: </i></b>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 <span id="xdx_90E_eoef--PortfolioTurnoverRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000088354Member_zpIG989tnSZa">0%</span> of the average value of its portfolio.</span></p> 0 Principal Investment Strategies: <p id="xdx_A87_eoef--StrategyNarrativeTextBlock_zCiqbMbki6mf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed ETF. The Adviser seeks to achieve the Fund’s investment objective by allocating the Fund’s assets between:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">interest rate related derivatives and</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <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; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">interest income producing debt instruments.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Adviser expects to allocate assets among derivatives and debt instruments, depending upon market conditions. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEludmVzdG1lbnQgU3RyYXRlZ3kA" id="xdx_905_efnd--NmRule35d1EightyPctInvstmntPlcyTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000088354Member_zVa6jaRp2zc6">The Fund has adopted a non-fundamental policy that, under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in bonds and other debt securities and instruments that provide investment exposure to such debt securities, including derivatives such as swaptions, options and futures.</span> Debt securities include U.S. Treasury securities, U.S. Treasury Inflation-Protected Securities (“TIPS”), exchange traded funds that primarily invest in U.S. Treasuries, TIPS, and investment grade bonds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally, the Fund’s strategy may be appropriate for investors who are seeking to hedge against falling interest rates. The Fund is designed investors with debt portfolios who may wish to hedge some of the risk of falling interest rates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Adviser seeks to achieve the interest rate hedging aspect of the Fund’s investment objective by investing long in swaptions, interest rate options, and Treasury futures. Consequently, the Fund’s portfolio will be highly sensitive to changes in interest rates. A swaption is an option to enter into a swap contract. The Fund may purchase receiver swaptions that give the Fund the option to enter into fixed interest rate swaps upon expiration of the swaption. These instruments have positive price sensitivity to falling interest rates. Similar to bond prices which typically rise when interest rates fall, it is expected that the Fund will benefit from swaption value increases, providing a hedge against the falling interest rate. Consequently, when viewed from a total return perspective, price gains in these instruments will tend to offset the effect of lower reinvestment rates caused by falling interest rates. These derivatives are selected to protect against falling long-term interest rates on high-quality instruments such as U.S. government securities and high-quality corporate debt. To select a derivative that it believes will produce the most effective hedge against falling interest rates, the Adviser assesses the interaction of maturity, strike price, reference interest rate, the risk-free rate, and volatility on the price of swaptions and interest rate options. While the investment focus of the interest rate related derivatives strategy is on gains from falling rates, to a lesser extent the Adviser’s selection process is also intended to generate gains from option and swaption positions when interest rate volatility increases. Specifically, the Adviser will tend to increase allocations to swaptions and interest rate options when it believes interest rate volatility is poised to increase as these instruments become more valuable in higher volatility environments. The Adviser rebalances derivative exposure after extreme rate movements (for example, 0.50%) or after the passage of time has significantly changed the rate sensitivity of a derivative. As time passes, swaptions and interest rate options become less sensitive to movements in the reference swap rate or interest rate. The Adviser does not take speculative positions based on its forecast for interest rates. The Fund limits net economic exposure at the time of investment to any one over-the-counter counterparty to 25% of Fund net assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Adviser seeks to achieve the income aspect of the Fund’s investment objective by investing U.S. Treasury securities, TIPS, exchange traded funds that primarily invest in U.S. Treasuries, TIPS, and investment grade bonds. TIPS are securities whose principal amount increases with inflation, as measured by the Consumer Price Index and are designed to protect investors from inflation risk. The Fund may purchase debt securities of any maturity.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When using various derivatives, the Fund may be required to post collateral to assure its performance. The Fund will hold cash and cash-like instruments or high-quality short term fixed income securities (collectively, “Collateral”). The Collateral may consist of (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds (including affiliated money market ETFs); (3) fixed income ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by companies that are rated investment grade or of comparable quality. The Adviser considers an unrated security to be of comparable quality to a security rated investment grade if it believes it has a similar low risk of default.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended, which means that the Fund may invest a higher percentage of its assets in a fewer number of issuers than is permissible for a “diversified” Fund.</span></p> The Fund has adopted a non-fundamental policy that, under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in bonds and other debt securities and instruments that provide investment exposure to such debt securities, including derivatives such as swaptions, options and futures. <p id="xdx_A82_eoef--RiskTextBlock_zK8qxfqPHc6j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principal Investment Risks: </b><i><span id="xdx_900_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000088354Member__oef--RiskAxis__oef--RiskLoseMoneyMember_z39JBDh4gTpc">As with all funds, there is the risk that you could lose money through your investment in the Fund.</span> Many factors affect the Fund’s net asset value and price of shares and performance.</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following describes the principal risks the Fund bears with respect to its investments. <span id="xdx_909_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000088354Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zSJpKJ7bizZ5">As with any fund, there is no guarantee that the Fund will achieve its goal.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 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. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwaptionsRiskMember_zLm0CU6hGKg7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swaptions Risk.</i> A swaption is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. The Fund may purchase call swaptions. When the Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. Even if interest rates fall, swaptions may not increase in value as much as anticipated if volatility declines. These swaptions are highly sensitive to changes in interest rates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zhkNRr4FpnOk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Active Management Risk.</i> 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 strategy is highly sensitive to changes in interest rates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashOrCashEquivalentsRiskMember_zGX9o8FBCC63" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash or Cash Equivalents Risk.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--VolatilityRiskMember_zKnruOcNe0jc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Volatility Risk</i>. Significant short-term price movements could adversely impact the performance of the Fund. The Fund’s performance may be volatile, which means that the Fund’s performance may be subject to substantial short-term changes up or down.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryAndAgencyMarketRiskMember_zqlSN0HUWWBh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>U.S. Treasury and Agency Market Risk. </i>The U.S. Treasury and agency market can be volatile, and the value of instruments correlated with these markets may fluctuate dramatically from day to day. U.S. Treasury and agency obligations may provide relatively lower returns than those of other securities. Similar to other debt instruments, U.S. Treasury and agency obligations are subject to debt instrument risk and interest rate risk. In addition, changes to the financial condition or credit rating of the U.S. Government may cause the value of U.S. Treasury and agency obligations to decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_z3o2g2AH8NA6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk. </i>Counterparty risk is the risk that a counterparty to a financial instrument held by the Fund may become insolvent or otherwise fail to perform its obligations, and the Fund may obtain no or limited recovery of its investment, and any recovery may be significantly delayed.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zqEByIfJLyk3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesRiskMember_zkag5MrQ3n44" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Futures Risk. </i>The successful use of futures contracts draws upon the Adviser’s skill and experience with respect to such instruments and are subject to special risk considerations. The primary risks associated with the use of futures contracts are (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; (b) possible lack of a liquid secondary market; (c) investments in futures contracts involves leverage, which means a small percentage of assets in futures can have a disproportionately large impact on the Fund (d) losses caused by unanticipated market movements; (e) the Adviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zwLGQkRx4Nbd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Early Close/Trading Halt Risk. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfStructureRiskMember_zLvwtfs1ao28" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>ETF Structure Risks. </i>The Fund is structured as an ETF. As a result, the Fund is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Not Individually Redeemable. </i>The Fund’s shares (“Shares”) are not redeemable by retail investors and may be redeemed only by Authorized Participants at net asset value (“NAV”) and only in Creation Units. A retail investor generally incurs brokerage costs when selling shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Issues</i>. Trading in Shares on 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.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market Price Variance Risk.</i> 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.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Authorized Participant Risk.</i> 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.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zkV9BtoDTXef" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk. </i>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zHUKUqflyX" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leverage Risk.</i> The use of leverage by the Fund, such as borrowing money to purchase securities or the use of options, will cause the Fund to incur additional expenses and magnify the Fund’s gains or losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryRiskMember_z1iVm4MFivuf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Limited History Risk.</i> The Fund is a new ETF and has a limited history of operations for investors to evaluate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zPHbrSEDUZrg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk</i>. 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, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts and wars, 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedFundRiskMember_zdklo9PEUfTl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Fund Risk.</i> <span id="xdx_909_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000088354Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zeoT8sX0O1x8">Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionRiskMember_zOsDitogWXo7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Option Risk.</i> There are risks associated with the purchase of call options. 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. Option prices tend to decline when volatility declines. The type of options the Fund may use are highly sensitive to changes in interest rates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--OverthecounterMarketRiskMember_zwxZ2v5zgUkb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Over-the-Counter Market Risk.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--PremiumdiscountTradingRiskMember_zHsNQX0ADqB3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Premium/Discount Trading Risk.</i> The Fund may trade at greater than 2% premium to its NAV because of typical bid-offer spreads for OTC products and a credit support annex that is specific to a fund registered under the 1940 Act. In periods of outflows, the Fund may trade at greater than 2% discount to its NAV for the same reason. Such variations in the premium or discount may have disparate effects on certain shareholders. Shareholders who purchase shares on the secondary market at a premium to NAV may lose disproportionate value if the Fund begins trading at a discount. Similarly, Authorized Participants who wish to redeem creation units at NAV may receive a basket with a per share value below that of the current trading price of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundRiskMember_zyFOPMoCqaha" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><i>Underlying Fund Risk. </i>ETFs and ETPs 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 ETPs and may be higher than other funds that invest directly in stocks and bonds. Each of the ETFs and ETPs 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--AffiliatedMoneyMarketETFConflictOfInterestRiskMember_zAi7nHGYoFG2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Affiliated Money Market ETF Conflict of Interest Risk.</i> 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.</p> <p id="xdx_A8D_eoef--PerformanceNarrativeTextBlock_zT69KLJuHPD5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_905_eoef--PerformanceOneYearOrLess_c20261028__20261028__dei--LegalEntityAxis__custom--S000088354Member_zoF05fyx2U3">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.</span></span> <span id="xdx_909_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000088354Member_zqKJzlJT71a6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The table shows how the Fund’s average annual total returns compare to those of a broad-based securities market index and an additional index. The additional index tracks the performance of long-maturity principal-only STRIPS (Separate Trading of Registered Interest and Principal of Securities) issued by the U.S. Treasury. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Updated performance information is available at no cost by visiting <span id="xdx_903_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000088354Member_zx4pClSTTI17"><span style="text-decoration: underline">www.simplify.us/etfs</span></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">or by calling <span id="xdx_908_eoef--PerformanceAvailabilityPhone_c20261028__20261028__dei--LegalEntityAxis__custom--S000088354Member_zkGa6m4wwg72">1 (855) 772-8488</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p> 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 and an additional index. The additional index tracks the performance of long-maturity principal-only STRIPS (Separate Trading of Registered Interest and Principal of Securities) issued by the U.S. Treasury. 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 <p id="xdx_A86_eoef--BarChartTableTextBlock_zNvRORVEkHgj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img alt="" src="pro-rfix_001.jpg" style="height: 269px; width: 450px"/></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zj4cHkcjTF1i" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2025</td> <td id="xdx_983_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000254610Member_zSo65B2nNyKl" style="display: none; width: 50%">-25.03%</td></tr> </table> -0.2503 <p id="xdx_A80_eoef--BarChartClosingTextBlock_zmYZj1JtClAi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During th<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">e periods shown in the bar chart above, the Fund’s <span id="xdx_908_eoef--HighestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000088354Member_zYqspDp3uPy7">highest quarterly return</span> was <span id="xdx_901_eoef--BarChartHighestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000088354Member_z6OgKhWdq1P9">1.47%</span> (quarter ended <span id="xdx_90A_eoef--BarChartHighestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000088354Member_zFfIFANGBf1k">March 31, 2025</span>) and the Fund’s <span id="xdx_907_eoef--LowestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000088354Member_zno7mxYMeZC1">lowest quarterly return</span> was <span id="xdx_901_eoef--BarChartLowestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000088354Member_zEzZ9hRYcG4k">-11.29%</span> (quarter ended <span id="xdx_90C_eoef--BarChartLowestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000088354Member_zWGeAWksk4Lj">December 31, 2025</span>). The calendar <span id="xdx_90A_eoef--YearToDateReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000088354Member_z7LkSlbR0CC2">year-to-date total return</span> of the Fund as of <span id="xdx_90B_eoef--BarChartYearToDateReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000088354Member_zpdTJf5lUDJd">September 30, 2026</span> was <span id="xdx_909_eoef--BarChartYearToDateReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000088354Member_zFtaBuEIsVUj">(2.38)%</span>.</span></p> highest quarterly return 0.0147 2025-03-31 lowest quarterly return -0.1129 2025-12-31 year-to-date total return 2026-09-30 -0.0238 Average Annual Total Returns for the Periods Ended December 31, 2025 <div id="xdx_A8B_eoef--PerformanceTableTextBlock_zEdHSmIVOgbc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zEXctbSJz77l" 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="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20250101__20251231_zXHT8g97Yi9h" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20241209__20251231_zZU7JYz4hNVi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Since<br/> Inception<br/> (<span id="xdx_907_eoef--PerfInceptionDate_c20261028__20261028__oef--ClassAxis__custom--C000254610Member_z1rwECmKEfn3">12/9/24</span>)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> </tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000254610Member_zPAu2Z46wMdi" style="vertical-align: bottom; background-color: Gainsboro"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 76%; text-align: left; padding-bottom: 1pt">Return Before Taxes</td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 9%; text-align: right">-25.03</td> <td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 9%; text-align: right">-33.28</td> <td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td> </tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000254610Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_ziD6Bqnft089" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">-26.28</td> <td style="padding-bottom: 1pt; text-align: left">%</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">-34.33</td> <td style="padding-bottom: 1pt; text-align: left">%</td> </tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000254610Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zqCm5ho7eSL5" style="vertical-align: bottom; background-color: Gainsboro"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">-14.70</td> <td style="padding-bottom: 1pt; text-align: left">%</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">-25.61</td> <td style="padding-bottom: 1pt; text-align: left">%</td> </tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000254610Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zYQI616pa4Xl" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; padding-bottom: 1pt">Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">7.30</span></td> <td style="padding-bottom: 1pt; text-align: left">%</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">5.02</span></td> <td style="padding-bottom: 1pt; text-align: left">%</td> </tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000254610Member__oef--PerformanceMeasureAxis__custom--ICEBofALongUSTreasuryPrincipalSTRIPSIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zCu0CsqMq3sj" style="vertical-align: bottom; background-color: Gainsboro"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; padding-bottom: 1pt">ICE BofA Long US Treasury Principal STRIPS Index (reflects no deduction for fees, expenses or taxes)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-1.92</span></td> <td style="padding-bottom: 1pt; text-align: left">%</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-11.20</span></td> <td style="padding-bottom: 1pt; text-align: left">%</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> 2024-12-09 -0.2503 -0.3328 -0.2628 -0.3433 -0.1470 -0.2561 0.0730 0.0502 -0.0192 -0.1120 <p id="xdx_A85_eoef--PerformanceTableClosingTextBlock_zbReLUsDvMne" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><span id="xdx_90B_eoef--PerformanceTableUsesHighestFederalRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000088354Member_z6CrEiXy6qFa">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.</span> <span id="xdx_90C_eoef--PerformanceTableNotRelevantToTaxDeferred_c20261028__20261028__dei--LegalEntityAxis__custom--S000088354Member_zv6NmQGHlGj4">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.</span></span></p> 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. FUND SUMMARY – SIMPLIFY CHINA A SHARES PLUS INCOME ETF <p id="xdx_A84_eoef--ObjectivePrimaryTextBlock_z8UFZO2fELMf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Investment Objective:</b> The Simplify China A Shares PLUS Income ETF (the “Fund” or “CAS”) seeks capital appreciation and income.</p> <p id="xdx_A88_eoef--ExpenseNarrativeTextBlock_zcE4P1HPQl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fees and Expenses of the Fund:</b> This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the in the table or example below</b>.</p> <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_znXTzBF0mU94"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5B_dU_zLtgW3j7t597" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="background-color: gainsboro"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses</b><br/> (expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_494_20261028__20261028__dei--LegalEntityAxis__custom--S000088953Member__oef--ClassAxis__custom--C000255354Member_zMZ4fjqbGYN6" style="border: black 1pt solid; vertical-align: bottom; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zp03KU2jcWf7"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top"><span style="font-size: 10pt">Management Fees</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.88%</span></td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zWG204ilp797"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top; width: 65%"><span style="font-size: 10pt">Distribution and Service (12b-1) Fees</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zEHo8uMHEDgg"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top"><span style="font-size: 10pt">Other Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_40C_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zbwt0nBXPasj"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top">Acquired Fund Fees and Expenses<sup id="xdx_F41_z0luqdIv6zMh">(1)</sup></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center">0.06%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zTTbs0SySKG4"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top"><span style="font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.94%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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 style="width: 0.25in; font-size: 10pt; text-align: justify"><span id="xdx_F00_zNtxIOp9qm64" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font-size: 10pt; text-align: justify"><span id="xdx_F11_zFQ4XQG8L9h" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20261028__20261028__dei--LegalEntityAxis__custom--S000088953Member_zb3tMew6QKZ1"> 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.</span></span></td></tr> </table> 0.0088 0.0000 0.0000 0.0006 0.0094 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. <p id="xdx_A86_eoef--ExpenseExampleNarrativeTextBlock_zQWfdE5T2pQf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Example:</i></b> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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. <span id="xdx_90D_eoef--ExpenseExampleByYearCaption_c20261028__20261028__dei--LegalEntityAxis__custom--S000088953Member_z9YeItCOOKFl">Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span></p> Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zljVxBDrSsx5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zhBbs8gs8594" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom; background-color: gainsboro"> <td id="xdx_484_eoef--ExpenseExampleYear01_zx0xlSMulKD7" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_484_eoef--ExpenseExampleYear03_z6kELvMkLTqi" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>3 Years</b></span></td> <td id="xdx_488_eoef--ExpenseExampleYear05_zSCmjOLIhgmh" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_484_eoef--ExpenseExampleYear10_zs5MGe1Dq89b" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_418_20261028__20261028__dei--LegalEntityAxis__custom--S000088953Member__oef--ClassAxis__custom--C000255354Member_zVUCgGzExoq4" style="vertical-align: top"> <td style="width: 12%; text-align: center"><span style="font-size: 10pt">$96</span></td> <td style="width: 13%; text-align: center"><span style="font-size: 10pt">$300</span></td> <td style="width: 13%; text-align: center"><span style="font-size: 10pt">$520</span></td> <td style="width: 12%; text-align: center"><span style="font-size: 10pt">$1,155</span></td></tr> </table> 96 300 520 1155 <p id="xdx_A84_eoef--PortfolioTurnoverTextBlock_zQXp6kkQ6MF4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b><i>Portfolio Turnover:</i></b> 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 <span id="xdx_902_eoef--PortfolioTurnoverRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000088953Member_zOIyf3CJDTvj">0%</span> of the average value of its portfolio.</p> 0 Principal Investment Strategies: <p id="xdx_A8B_eoef--StrategyNarrativeTextBlock_zHgolFTqdI2l" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an actively managed ETF. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEludmVzdG1lbnQgU3RyYXRlZ3kA" id="xdx_902_efnd--NmRule35d1EightyPctInvstmntPlcyTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000088953Member_zncZv0KkJVDe">Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in China A Shares and/or through instruments that have economic characteristics substantially similar to China A Shares.</span> However, as of the date of this prospectus, the Fund is not able to directly invest in China A Shares. China A Shares are equity securities issued by companies incorporated in mainland China and are denominated and traded in renminbi (“RMB”) on stock exchanges in mainland China such as the Shenzhen, Shanghai, and Beijing Stock Exchanges. The Fund invests without restriction as to issuer capitalization and the Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended, which means that the Fund may invest a higher percentage of its assets in a fewer number of issuers than is permissible for a “diversified” Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The Adviser uses China A Shares-linked futures, options, swaps, US-based ETFs, and US-based ADRs as substitutes that are economically substantially similar to China A Shares. The Adviser selects a core portfolio that it believes will be representative of the Chinese A Shares stock market in general. The Adviser supplements the core portfolio with individual stocks that it believes offer a higher expected return and/or low risk profile than a peer group of stocks of similar companies. The Adviser adjusts the supplemented portion of the portfolio when a different stock offers a better risk/reward profile.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Foreign investors, such as the Fund, cannot invest directly in China A Shares in the conventional sense. However, under current regulations in the People’s Republic of China (“PRC” or “China”), certain foreign investors can invest in the domestic PRC securities markets indirectly through certain market-access programs. However, as of the date of this prospectus, the Fund is not eligible for a market-access program. These programs include the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect programs (“Stock Connect”) and the Qualified Foreign Investor (“QFI”, including Qualified Foreign Institutional Investor (“QFII”) and Renminbi Qualified Foreign Institutional Investor (“RQFII”)) program. Under the QFI and RQFII programs investors are required to obtain a license from the China Securities Regulatory Commission (“CSRC”) to participate in the program. The Adviser does not have such a license and is not expected <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to receive one. Stock Connect is a securities trading and clearing program between either the Shanghai Stock Exchange or Shenzhen Stock Exchange and The Stock Exchange of Hong Kong Limited (“SEHK”), China Securities Depository and Clearing Corporation Limited and Hong Kong Securities Clearing Company Limited. Stock Connect is designed to permit mutual stock market access between mainland China and Hong Kong by allowing investors to trade and settle eligible securities (including China A-Shares and ETFs) on each market via their local exchanges. Trading through Stock Connect is subject to a daily quota (“Daily Quota”), which limits the maximum daily net purchases on any particular day by Hong Kong investors (and foreign investors trading through Hong Kong) trading PRC listed securities and PRC investors trading Hong Kong listed securities through the relevant Stock Connect. Consequently, the Fund’s investments in China A-Shares will be limited in part by the Daily Quota that limits total purchases through Stock Connect. The Adviser may invest in affiliated money market ETFs to manage liquidity or to pledge as collateral for derivatives.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="text-decoration: underline; font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Income Generating Option Strategy</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">When the Adviser believes an option strategy may produce higher returns than the China A Shares strategy, it allocates up to 20% of Fund assets to an option strategy. To generate income, the Fund employs an exchange traded and over-the-counter (“OTC”) option spread writing strategy on equity, fixed income, and currency ETFs and exchange traded products (“ETPs”). The Adviser focuses on index-based domestically-traded ETFs, for example, such as those linked to the S&amp;P 500^® Index or the Bloomberg US Aggregate Bond Index. The Adviser selects equity ETFs holding stocks of any market capitalization and fixed income ETFs holding securities of any maturity or credit quality. A call option gives the owner the right, but not the obligation, to buy an ETF 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 an ETF at a specified price (strike price) within a specific time period. By selling put and call options in return for the receipt of premiums (the purchase price of an option), the Adviser attempts to increase Fund income as the passage of time decreases the value of the written options. Gains from written option premiums are capital gains, but commonly referred to as income. The option writing strategy is a form of leveraged investing. The Adviser focuses on writing short-term options with less than one-month to maturity because their value erodes faster than long-term options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Call Spread Sub-Strategy</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">When the Adviser believes an ETF’s price will decrease, remain unchanged, or only increase slightly it employs a call spread strategy. In a call option spread, the Fund sells (writes) an out of the money (above current market price) call option while also purchasing a further out of the money call option.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Put Spread Sub-Strategy</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">When the Adviser believes an ETF’s price will increase, remain unchanged, or only decrease slightly it employs a put spread strategy. In a put option spread, the Fund sells (writes) an out of the money (below current market price) put option while also purchasing a further out of the money put option.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The Adviser selects the combination of reference assets and options that are expected to produce the highest level of income. The Adviser expects the written options to expire worthless, but purchases lower-cost further out of the money options to insulate the Fund from large losses if the written options increase in value. The Adviser expects options to be held to expiration, but may adjust positions following a large (over 10%) price swing in an option’s reference ETF.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">When writing options, the Fund is required to post collateral to assure its performance to the option buyer. The Fund will hold cash and cash-like instruments or high-quality short term fixed income securities (collectively, “Collateral”). The Collateral may consist of (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds (including affiliated money market ETFs); (3) fixed income ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by companies that are rated investment grade or of comparable quality. The Adviser considers an unrated security to be of comparable quality to a security rated investment grade if it believes it has a similar low risk of default.</p> Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in China A Shares and/or through instruments that have economic characteristics substantially similar to China A Shares. <p id="xdx_A8B_eoef--RiskTextBlock_z7pMvTr1djc3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Principal Investment Risks:</b> <i><span id="xdx_908_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000088953Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zZMLtAPe7ii6">As with all funds, there is the risk that you could lose money through your investment in the Fund.</span> Many factors affect the Fund’s net asset value and price of shares and performance.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following describes the principal risks the Fund bears with respect to its investments. <span id="xdx_901_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000088953Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zp3dSntdVe8j">As with any fund, there is no guarantee that the Fund will achieve its goal.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 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. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChinaRiskMember_zXXFOwHLhfhh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>China Risk.</i> The Chinese economy is generally considered an emerging market and can be significantly affected by economic and political conditions in China and may demonstrate significantly higher volatility than developed markets. China may be subject to considerable degrees of economic, political and social instability. The Chinese government has undertaken reform of economic and market practices and has expanded the sphere of private ownership of property in China. However, Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and or political and social instability. Chinese companies are also subject to governmental intervention in their operations and structure. The Chinese economy is export-driven and highly reliant on trading with key partners. The Chinese government regulates the payment of foreign currency denominated obligations. Consequently, the RMB is not freely convertible and currency conversion transactions are subject to approval of PRC authorities. Although Chinese authorities have indicated an intent to move to a freely convertible RMB, there is no assurance that restrictions will not continue. The Chinese government may introduce new laws and regulations that could have an adverse effect on the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the Chinese securities markets, a small number of issuers may represent a large portion of the entire market. The Chinese securities markets are subject to more frequent trading halts, low trading volume and price volatility. Recent developments in relations between the United States and China have heightened concerns of restrictions on trade between the two countries. An increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international trade, which could have a negative impact on China’s export industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Chinese entities have incurred significant levels of debt and Chinese financial institutions hold relatively large amounts of non-performing debt. Thus, there exists a possibility that widespread defaults, which could trigger a financial crisis and make Chinese securities illiquid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Disclosure and regulatory standards in emerging market countries, such as China, are in many respects less stringent than U.S. standards. There is substantially less publicly available information about Chinese issuers than there is about U.S. issuers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The tax laws and regulations in China are somewhat unclear and are subject to change. The interpretation, application and enforcement of such laws could have an adverse effect on the Fund and its shareholders, particularly in relation to tax imposed upon foreign investors’ capital gains. Uncertainties in Chinese tax rules could result in unexpected tax liabilities for the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">○</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><i>Emerging Markets Risk.</i> China is still considered an emerging market economy. Investing in emerging markets involves not only the risks described below with respect to investing in foreign securities, but also other risks, including exposure to economic structures that are generally less diverse and mature, limited availability and reliability of information material to an investment decision, and exposure to political systems that can be expected to have less stability than those of developed countries. The market for the securities of issuers in emerging markets typically is small, and a low or non-existent trading volume in those securities may result in a lack of liquidity and price volatility.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--StockConnectIndirectInvestmentRiskMember_zJf7H6RKw1b1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Stock Connect Indirect Investment Risk.</i> Fund counterparties investing in China A Shares through Stock Connect are subject to trading, clearance, settlement and other procedures, which could pose indirect risks to the Fund. Trading through Stock Connect is subject to the Daily Quota, which may restrict the ability to invest in China A Shares through Stock Connect on a timely basis and could affect the Fund’s ability to effectively pursue its investment strategy through counterparties. Stock Connect will only operate on days when both the Chinese and Hong Kong markets are open for trading and when banking services are available in both markets on the corresponding settlement days. Therefore, an investment by a Fund counterparty in China A Shares through Stock Connect may indirectly subject the Fund to the risk of price fluctuations on days when the Chinese markets are open, but Stock Connect is not trading.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zPxLo4ZNhkp4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Equity Securities Risk. </i>The net asset value of the Fund will fluctuate based on changes in the value of the 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zwkdgDXcw077" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Currency Risk</i>. The Fund holds investments denominated in or that that provide exposure to RMB. Changes in RMB currency exchange rates will affect the value of the Fund’s investments and the value of Fund shares. RMB exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and your investment in the Fund may experience losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMediumCapitalizationRiskMember_zcG0rdrzHTSl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Small and Medium Capitalization Risk.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignClosedMarketTradingRiskMember_zWEf8m1loMub" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Foreign Closed Market Trading Risk.</i> To the extent the Fund’s investments are linked to those that trade in Chinese markets that are closed when the Fund and Exchange are open, there are likely to be deviations between current pricing of an underlying security and the prices at which the underlying securities are valued for purposes of the Fund’s NAV. As a result, Fund shares may appear to trade at a significant discount or premium to NAV greater than those incurred by other ETFs. In addition, shareholders may not be able to purchase or redeem their shares of the Fund, or purchase or sell shares of the Fund on the Exchange, on days when the NAV of the Fund could be significantly affected by events in the relevant Chinese non-U.S. markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zUawVyhKNXJf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Derivatives Risk.</i> Options, futures, and swaps are derivative investments. 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 fulfil 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">○</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><i>Options Risk.</i> As the buyer of a put or call option, the Fund risks losing the entire premium invested in the option if the Fund does not exercise the option. Spread writing exposes the Fund to losses up to the amount between strike prices of the purchased option and the written option. To the extent not offset by the purchased leg of an option spread, an increase in the price of the written leg will produce a corresponding loss to the Fund.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">○</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><i>Futures Risk</i>. 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 leverage risk, risk of mispricing or improper valuation, and the risk that changes in the value of the futures contract may not correlate perfectly with the underlying index.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">○</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><i>Swaps Risk</i>. Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zmdlSFgn5n84" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><i>Active Management Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--AdrRiskMember_zgHkOz83xCN1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>ADR Risk</i>. ADRs may be subject to some of the same risks as direct investment in foreign companies, which includes international trade, currency, political, regulatory and diplomatic risks. Under an unsponsored ADR arrangement, the foreign issuer assumes no obligations and the depositary’s transaction fees are paid directly by the ADR holders. Unsponsored ADRs are organized without the cooperation of the issuer and information concerning the foreign issuer may not be as current as for sponsored ADRs and voting rights are not passed through.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashOrCashEquivalentsRiskMember_zOKSFWpWsE5i" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Cash or Cash Equivalents Risk.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zOc9xc092jlb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Counterparty Risk.</i> Counterparty risk is the risk that a counterparty to a financial instrument held by the Fund or by a special purpose or structured vehicle invested in by the Fund may become insolvent or otherwise fail to perform its obligations, and the Fund may obtain no or limited recovery of its investment, and any recovery may be significantly delayed.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zlDVk9DkYugg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Early Close/Trading Halt Risk.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfStructureRiskMember_zC9vCQoLsJd6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>ETF Structure Risk.</i> The Fund is structured as an ETF and will invest in underlying ETFs. As a result, the Fund is subject to special risks, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><i>Not Individually Redeemable.</i> The Fund’s shares (“Shares”) are not redeemable by retail investors and may be redeemed only by 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><i>Trading Issues</i>. Trading in Shares on 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><i>Market Price Variance Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.75in; text-align: right; vertical-align: top"></td> <td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">○</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in">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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.75in; text-align: right; vertical-align: top"></td> <td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">○</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in">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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.75in; text-align: right; vertical-align: top"></td> <td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">○</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in">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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.75in; text-align: right; vertical-align: top"></td> <td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">○</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in">Cash Creation Unit Transactions Risk. Like other ETFs, the Fund sells and redeems its Shares only in large blocks called Creation Units and only to “Authorized Participants.” However, unlike many other ETFs, the Fund expects to effect its creations and redemptions at least partially or fully for cash, rather than in-kind securities. Thus, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could have avoided by making redemptions in-kind. As a result, the Fund may pay out higher capital gains distributions than ETFs that redeem in-kind. Further, paying redemption proceeds in cash rather than through in-kind delivery of portfolio securities may require the Fund to dispose of or sell portfolio investments to obtain the cash needed to distribute redemption proceeds at an inopportune time.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><i>Authorized Participant Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryRiskMember_zex5huH6FPhc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Limited History Risk.</i> The Fund is a new ETF and has a limited history of operations for investors to evaluate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zVMjIlutIKAd" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><i>Market and Geopolitical Risk</i>. 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, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts and wars, 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedFundRiskMember_zPXGaK5n6Gp1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Non-Diversified Fund Risk.</i> <span id="xdx_907_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000088953Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zfOX4aZ1tYm4">Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--OverthecounterMarketRiskMember_zOctejxeobUi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Over-the-Counter Market Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--VolatilityRiskMember_zIbq1ZkVwvHa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Volatility Risk</i>. Significant short-term price movements could adversely impact the performance of the Fund. The Fund’s performance may be volatile, which means that the Fund’s performance may be subject to substantial short-term changes up or down.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TurnoverRateRiskMember_zQRrtHc6X4ol" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><i>Turnover Rate Risk.</i> The Fund may have portfolio turnover rates significantly in excess of 100%. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund’s performance and may produce increased taxable distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundRiskMember_zQQhBZpMoXF4" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><i>Underlying Fund Risk.</i> 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 underlying 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--AffiliatedMoneyMarketETFConflictOfInterestRiskMember_zWrDQ8VC6vib" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><i>Affiliated Money Market ETF Conflict of Interest Risk.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryAndAgencyMarketRiskMember_zA6U6n6JBNY8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>U.S. Treasury and Agency Market Risk.</i> The U.S. Treasury and agency market can be volatile, and the value of instruments correlated with these markets may fluctuate dramatically from day to day. U.S. Treasury and agency obligations may provide relatively lower returns than those of other securities. Similar to other debt instruments, U.S. Treasury and agency obligations are subject to debt instrument risk and interest rate risk. In addition, changes to the financial condition or credit rating of the U.S. Government may cause the value of U.S. Treasury and agency obligations to decline.</p> <p id="xdx_A87_eoef--PerformanceNarrativeTextBlock_zAwEGiRH6nQ8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Performance:</b> <span id="xdx_903_eoef--PerformanceOneYearOrLess_c20261028__20261028__dei--LegalEntityAxis__custom--S000088953Member_zyGTejbFngS8">Performance information will be available in the prospectus after the Fund has been in operation for one full calendar year.</span> <span id="xdx_908_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000088953Member_zKgobmP3ZuX5">Past performance is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information will be available at no cost by visiting <span id="xdx_90B_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000088953Member_zMoxGeIxLOZ2"><span style="text-decoration: underline">www.simplify.us</span></span> or by calling <span id="xdx_907_eoef--PerformanceAvailabilityPhone_c20261028__20261028__dei--LegalEntityAxis__custom--S000088953Member_zbM61tPb607e">1 (855) 772-8488</span>.</p> Performance information will be available in the prospectus after the Fund has been in operation for one full calendar year. Past performance is not necessarily an indication of how the Fund will perform in the future. www.simplify.us 1 (855) 772-8488 FUND SUMMARY – SIMPLIFY CHINESE COMMODITIES STRATEGY NO K-1 ETF <p id="xdx_A85_eoef--ObjectivePrimaryTextBlock_zVqfYqUgEKbi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Investment Objective:</b> The Simplify Chinese Commodities Strategy No K-1 ETF (the “Fund” or “CCOM”) seeks capital appreciation.</span></p> <p id="xdx_A89_eoef--ExpenseNarrativeTextBlock_z2skj3hbpU43" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Fees and Expenses of the Fund:</b> This table describes the fees and expenses that you may pay if you buy, sell, and hold shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table or examples below.</b></span></p> <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_zvHf4L0QAFP2"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5F_dU_zitO07RMiSic" 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="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: gainsboro"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Annual Fund Operating Expenses</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">(expenses that you pay each year as a percentage of the value of your investment)</span></p></td> <td id="xdx_492_20261028__20261028__dei--LegalEntityAxis__custom--S000095626Member__oef--ClassAxis__custom--C000264354Member_zAvLQCoW08Je" style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_z5EYFJpuRHv3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left; width: 65%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Management Fees</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">0.99%</span></td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_ztjpxJE6Evna" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Distribution and Service (12b-1) Fees</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">0.00%</span></td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zRdFvWm94tPa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Other Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">0.00%</span></td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_z9sRStaSnSig" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Total Annual Fund Operating Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">0.99%</span></td></tr> </table> 0.0099 0.0000 0.0000 0.0099 <p id="xdx_A8C_eoef--ExpenseExampleNarrativeTextBlock_z9dDRiUyqc2g" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b><i>Example:</i></b> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">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. <span id="xdx_90B_eoef--ExpenseExampleByYearCaption_c20261028__20261028__dei--LegalEntityAxis__custom--S000095626Member_zHWaYryFE6o2">Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span></span></p> Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zdD510fdJz0i"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zlWTDLzwGC5k" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: gainsboro"> <td id="xdx_48B_eoef--ExpenseExampleYear01_zTHSSbeuIGu3" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>1 Year</b></span></td> <td id="xdx_485_eoef--ExpenseExampleYear03_zUYr3svkvx5l" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 13%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>3 Years</b></span></td> <td id="xdx_485_eoef--ExpenseExampleYear05_zyeOOlELlfj3" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 13%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>5 Years</b></span></td> <td id="xdx_48E_eoef--ExpenseExampleYear10_ziZ0DepaeVJg" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>10 Years</b></span></td></tr> <tr id="xdx_412_20261028__20261028__dei--LegalEntityAxis__custom--S000095626Member__oef--ClassAxis__custom--C000264354Member_zHxTQUe65xxh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">$101</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">$315</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">$547</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">$1,213</span></td></tr> </table> 101 315 547 1213 <p id="xdx_A86_eoef--PortfolioTurnoverTextBlock_z8REXpLa9sJ" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b><i>Portfolio Turnover:</i></b> 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 period January 26, 2026 (commencement of operations) through June 30, 2026, the Fund’s portfolio turnover rate was <span id="xdx_90C_eoef--PortfolioTurnoverRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000095626Member_zy8YSUcQpik6">0%</span> of the average value of its portfolio.</span></p> 0 Principal Investment Strategies <p id="xdx_A89_eoef--StrategyNarrativeTextBlock_zaSDNi4tycWe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white;">The Fund is an actively managed ETF. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEludmVzdG1lbnQgU3RyYXRlZ3kA" id="xdx_90E_efnd--NmRule35d1EightyPctInvstmntPlcyTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000095626Member_z7uWaaCt9Nxl">Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in instruments that have economic characteristics substantially similar to an investment (long or short) in Chinese commodities.</span> Chinese commodities are denominated and traded in renminbi (“RMB”). The Fund defines Chinese commodities as those traded on a major Chinese commodity futures exchange. Generally, Chinese commodities are substantially similar to commodities in other parts of the world (such as soybeans) but have prices that reflect economic demand in China. Additionally, some Chinese commodities, such as flat glass, do not trade on any futures market outside of China. As of the date of this prospectus, the major Chinese commodity futures exchanges are the: (i) Shanghai Futures Exchange, (ii) Dalian Commodity Exchange, (iii) Zhengzhou Commodity Exchange, and (iv) Shanghai International Energy Exchange. However, as of the date of this prospectus, the Fund is not able to directly invest in Chinese commodity futures on these exchanges. Consequently, the Adviser seeks to achieve the Fund’s investment objective by investing predominately in swap contracts linked to Chinese commodities.</span> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white;">The Fund focuses on commodities in the following sectors: (i) energy, (ii) grains, (iii) industrial inputs, and (iv) metals. The Fund attempts to capture the economic benefit derived from rising trends based on the price changes of Chinese commodity futures contracts. Each month, each Chinese commodity futures contract is generally positioned long if the contract is experiencing a positive price trend. The Fund may take short positions if the contract is experiencing a negative price trend. However, the Fund expects its portfolio of Chinese commodity-linked instruments to have a net long bias in most market environments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white;">Price trends and the determination whether to take a long or short position are based on the expected returns of each Chinese commodity futures contract, derived from the Adviser’s models that use valuation (price changes relative to economic indicators such as inflation) and momentum signals (prices trending higher or lower over various look back periods). In addition to return, the Adviser considers the risk of each futures contract and the correlation between futures contracts. The Fund also holds short-term U.S. Treasury securities or other high credit quality, short-term fixed-income or similar securities (such as shares of money market funds, including affiliated money market ETFs, and collateralized repurchase agreements) for direct investment or as collateral pledged, if required, for investments in certain commodity-linked instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Unlike a typical commodity pool that is taxed as a partnership and provides each partner with a Schedule K-1 annually, the Fund provides shareholders with a Form 1099 but no Schedule K-1. To deliver 1099s consistent with applicable tax law, the Fund intends to invest in an underlying subsidiary, as discussed below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><span id="xdx_90E_eoef--StrategyPortfolioConcentration_c20261028__20261028__dei--LegalEntityAxis__custom--S000095626Member_zvvob8fp6UA7">Typically, the Fund will not invest directly in Chinese commodity-linked instruments. But rather, the Fund expects to gain exposure to these investments by investing up to 25% of its assets in a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”) which is advised by the Adviser.</span> Unlike the Fund, the Subsidiary is not an investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund’s investment in the Subsidiary is intended to provide the Fund with exposure to Chinese commodity-linked instruments in accordance with applicable tax rules and regulations. The Subsidiary follows the same compliance policies and procedures, as the Fund and is subject to the same investment restrictions and limitations as the Fund when measured on a consolidated basis with the Fund. The Fund complies with the provisions of the 1940 Act governing investment policies, capital structure and leverage on an aggregate basis with the Subsidiary. In addition, the Subsidiary complies with the provisions of the 1940 Act relating to affiliated transactions, custody, and advisory agreements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The Fund is classified as a “non-diversified” investment company under the 1940 Act which means that the Fund may invest a higher percentage of its assets in a fewer number of issuers than is permissible for a “diversified” Fund.</span></p> Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in instruments that have economic characteristics substantially similar to an investment (long or short) in Chinese commodities. Typically, the Fund will not invest directly in Chinese commodity-linked instruments. But rather, the Fund expects to gain exposure to these investments by investing up to 25% of its assets in a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”) which is advised by the Adviser. <p id="xdx_A8E_eoef--RiskTextBlock_zYGMBzq0aZn3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Principal Investment Risks: </b><i><span id="xdx_900_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000095626Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zEIdZ2E4VfMf">As with all funds, there is the risk that you could lose money through your investment in the Fund.</span> Many factors affect the Fund’s net asset value and price of shares and performance. </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The following describes the risks the Fund bears with respect to its investments. <span id="xdx_90B_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000095626Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_z535NoQmzScg">As with any fund, there is no guarantee that the Fund will achieve its goal. Many of the risks presented below are born by the Fund indirectly through its Subsidiary.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> 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. Many of the risks presented below are born by the Fund indirectly through its Subsidiary. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommodityRiskMember_zaIyYp5oSMf4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>Commodity Risk.</i> Investments linked to commodities and commodity futures contracts can be highly volatile compared to investments in traditional securities, and funds holding instruments linked to commodities and commodity futures contracts may experience large losses. The value of instruments linked to commodities and commodity futures contracts may be affected by market movements, commodity benchmarks, volatility, changes in interest rates, or factors affecting a particular industry, or commodity. For example, commodity prices and commodity futures contracts may be affected by numerous factors, including drought, floods, fires, weather, livestock disease, pipeline ruptures or spills, embargoes, tariffs and international, economic, political or regulatory developments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChinaRiskMember_z8Y1i7cKAY" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>China Risk.</i> The Chinese economy is generally considered an emerging market and can be significantly affected by economic and political conditions in China and may demonstrate significantly higher volatility than developed markets. China may be subject to considerable degrees of economic, political and social instability. The Chinese government has undertaken reform of economic and market practices and has expanded the sphere of private ownership of property in China (the “PRC”). However, Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and or political and social instability. Chinese commodities are also subject to governmental intervention in their consumption and pricing. The Chinese economy is export-driven and highly reliant on trading with key partners. The Chinese government regulates the payment of foreign currency denominated obligations. Consequently, the RMB is not freely convertible and currency conversion transactions are subject to approval of PRC authorities. Although Chinese authorities have indicated an intent to move to a freely convertible RMB, there is no assurance that restrictions will not continue. The Chinese government may introduce new laws and regulations that could have an adverse effect on the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">○</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>Emerging Markets Risk.</i> China is still considered an emerging market economy. Investing in instruments linked to emerging markets involves not only the risks described below with respect to investing in foreign-linked instruments, but also other risks, including exposure to economic structures that are generally less diverse and mature, limited availability and reliability of information material to an investment decision, and exposure to political systems that can be expected to have less stability than those of developed countries. The market for the instruments in emerging markets typically is small, and low trading volume in those instruments may result in a lack of liquidity and price volatility.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesRiskMember_zTIBOeivRI6a" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white;"><i>Futures Risk. </i>The Fund’s indirect use of futures via swap contracts 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 asset. Investments in futures involve leverage, which means a small percentage of assets invested in futures can have a disproportionately large impact on the Fund. This risk could cause the Fund to lose more than the principal amount invested. Futures contracts may become mispriced or improperly valued when compared to the Adviser’s expectation and may not produce the desired investment results. Additionally, changes in the value of futures contracts may not track or correlate perfectly with the underlying index or reference asset because of temporary, or even long-term, supply and demand imbalances.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">○</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>Short Position Risk. </i>The Fund will incur a loss as a result of a short futures position if the price of the futures sold short increases between the date of the short sale and the date of an offsetting purchase. Short sales present a risk of unlimited loss on an individual futures contract basis, particularly if the Fund is unable to close out its short position. Market or other factors may prevent the Fund from closing out a short position at the most desirable time or at a favorable price.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zKCFzT3TwKk1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>Active Management Risk.</i> The Fund is subject to the risk that the investment management strategy may not produce the intended results and may negatively impact Fund performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zRvU76rO4Us6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>Leverage Risk.</i> The use of leverage by the Fund, through its use of swaps, will cause the Fund to incur additional expenses and magnify the Fund’s gains or losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryRiskMember_zxwlRxxCftsj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>Limited History Risk.</i> The Fund is a new ETF and does not yet have a history of operations for investors to evaluate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zMJ2yAQ1dfBe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white;"><i>Market and Geopolitical Risk.</i> 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. Assets in the Fund’s portfolios may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, international conflicts and wars, 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. The novel coronavirus (COVID-19) global pandemic and the lingering effects of aggressive responses taken by many governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines or similar restrictions, as well as the forced or voluntary closure of, or operational changes to, many retail and other businesses had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapsRiskMember_zmpDoQ7I2APk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white;"><i>Swaps Risk.</i> The Fund’s use of swaps 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 swap transaction may not fulfill its contractual obligations and the Fund may not receive payments owed under the contract, or such payments may be delayed and the value of agreements with the counterparty may decline; (ii) risk of mispricing or improper valuation; (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset or index; and (iv) swap fees will reduce Fund returns.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>○</i></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>Over-the-Counter Market Risk.</i> Swaps 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 counterparty who may be unwilling or unable to perform its contractual obligations to the Fund. Heightened commodity price volatility may cause counterparties to impose volume limits on the Fund and may cause counterparties to withdraw from trading certain commodities, each of which may impede the Fund’s achievement of its investment objective.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>○</i></span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>Short Position Risk. </i>The Fund will incur a loss as a result of a short swap position if the price of the reference asset increases between the date of the short and the date of an offsetting purchase. Short swap positions present a risk of unlimited loss on an individual contract basis, particularly if the Fund is unable to close out its short position. Market or other factors may prevent the Fund from closing out a short position at the most desirable time or at a favorable price.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashOrCashEquivalentsRiskMember_z4VmJ4SfxXVj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>Cash or Cash Equivalents Risk. </i>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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementRiskMember_zLuGQ9pOWFd4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>Repurchase Agreement Risk.</i> The Fund’s investment in repurchase agreements may be subject to market and credit risk with respect to the collateral securing the repurchase agreements. Investments in repurchase agreements also may be subject to the risk that the market value of the underlying obligations may decline prior to the expiration of the repurchase agreement term.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--RollingFuturesContractRiskMember_ztr0mRNodQ05" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white;"><i>Rolling Futures Contract Risk</i>. The Fund’s investments linked to futures contracts are subject to risks related to rolling. Rolling occurs when an investor closes out of a futures contract as it nears its expiration and replaces it with a contract that has a later expiration. When the market for these futures contracts is such that the prices are higher in the more distant delivery months than in the nearer delivery months, the sale during the course of the “rolling process” of the more nearby contract would take place at a price that is lower than the price of the more distant contract. This pattern of higher futures contract prices for longer expiration contracts is often referred to as “contango.” Alternatively, when the market for futures contracts is such that the prices are higher in the nearer months than in the more distant months, the sale during the course of the “rolling process” of the more nearby contract would take place at a price that is higher than the price of the more distant contract. This pattern of higher futures prices for shorter expiration futures contracts is referred to as “backwardation.” Extended periods of contango or backwardation have occurred in the past and can in the future cause significant losses for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SubsidiaryInvestmentRiskMember_zu3ZirVRZkm5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>Subsidiary Investment Risk.</i> Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary are organized, respectively, could result in the inability of the Fund to operate as intended and could negatively affect the Fund and its shareholders. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. Thus, the Fund, as an investor in the Subsidiary, will not have all the protections offered to investors in registered investment companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryMarketRiskMember_zZKsICOP5bie" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>U.S. Treasury Market Risk</i>. The U.S. Treasury market can be volatile, and the value of instruments correlated with these markets may fluctuate dramatically from day to day. U.S. Treasury obligations may provide relatively lower returns than those of other securities. Similar to other debt instruments, U.S. Treasury obligations are subject to debt instrument risk and interest rate risk. In addition, changes to the financial condition or credit rating of the U.S. Government may cause the value of U.S. Treasury obligations to decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zIj2iHcYCbKg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>Non-Diversification Risk</i>. <span id="xdx_90F_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000095626Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_z7Rh8rmLzjm7">Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--AffiliatedMoneyMarketEtfConflictOfInterestRiskMember_zgTbtzpgQRl4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>Affiliated Money Market ETF Conflict of Interest Risk.</i> 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.</span></p> <p style="margin-top: 0; margin-bottom: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zeZ2aix4aKBb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>Early Close/Trading Halt Risk.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfStructureRiskMember_zyegbnYj8K6g" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>ETF Structure Risk.</i> The Fund is structured as an ETF. As a result, the Fund is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>Not Individually Redeemable</i>. The Fund’s Shares (“Shares”) are not redeemable by retail investors and may be redeemed only by the Authorized Participant at net asset value (“NAV”) and only in Creation Units. A retail investor generally incurs brokerage costs when selling shares.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>Trading Issues</i>. 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 Fund’s 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.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>Market Price Variance Risk</i>. Individual Shares of the Fund that are listed for trading on the Exchange can be bought and sold in the secondary market at market prices. The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares. There may be times when the market price and the NAV vary significantly and you may pay more than NAV when buying Shares on the secondary market, and you may receive less than NAV when you sell those Shares. The market price of Shares, like the price of any exchange-traded security, includes a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. In times of severe market disruption, the bid-ask spread often increases significantly. This means that Shares may trade at a discount to NAV and the discount is likely to be greatest when the price of Shares is falling fastest, which may be the time that you most want to sell your Shares. The Fund’s investment results are measured based upon the daily NAV of the Fund over a period of time. Investors purchasing and selling Shares in the secondary market may not experience investment results consistent with those experienced by those Authorized Participants creating and redeeming directly with the Fund.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">○</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of Shares and the Fund’s NAV.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">○</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The market price for 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 for Shares than the Fund’s NAV, which is reflected in the bid and ask price for Fund shares or in the closing price.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">○</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">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.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>Authorized Participant Risk.</i> 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>i.e.,</i> 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, the Fund’s shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting. Authorized Participant concentration risk may be heightened for securities or instruments that have lower trading volumes.</span></td></tr> </table> <p id="xdx_A86_eoef--PerformanceNarrativeTextBlock_zLnGAQ6f6TDg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Performance:</b> <span id="xdx_904_eoef--PerformanceOneYearOrLess_c20261028__20261028__dei--LegalEntityAxis__custom--S000095626Member_zvMENidmmFHb">Performance information will be available in the prospectus after the Fund has been in operation for one full calendar year.</span></span> <span id="xdx_902_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000095626Member_z3NmJDvJju3c" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Past performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Updated performance information will be available at no cost by visiting <span id="xdx_90D_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000095626Member_zgWdXM6b0CO5"><span style="text-decoration: underline">www.simplify.us</span></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">or by calling <span id="xdx_908_eoef--PerformanceAvailabilityPhone_c20261028__20261028__dei--LegalEntityAxis__custom--S000095626Member_zGjitjaFuRpi">1 (855) 772-8488</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p> Performance information will be available in the prospectus after the Fund has been in operation for one full calendar year. Past performance is not necessarily an indication of how the Fund will perform in the future. www.simplify.us 1 (855) 772-8488 FUND SUMMARY – SIMPLIFY COMMODITIES STRATEGY NO K-1 ETF <p id="xdx_A85_eoef--ObjectivePrimaryTextBlock_zE58z9a5BqHc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Investment Objective: </b>The Simplify Commodities Strategy No K-1 ETF (the “Fund” or “HARD”) seeks to provide long-term capital appreciation.</p> <p id="xdx_A8F_eoef--ExpenseNarrativeTextBlock_ziLUTayYnC7h" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Fees and Expenses of the Fund: </b>This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>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.</b></p> <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zLkZpSmqVeYa"></div> <table cellpadding="3" cellspacing="0" id="xdx_A56_dU_zMRQpc3OsJM8" 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="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: gainsboro"> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 65%; vertical-align: top"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses<br/> </b>(expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_49E_20261028__20261028__dei--LegalEntityAxis__custom--S000079963Member__oef--ClassAxis__custom--C000241460Member_zWZdpYRcFvnj" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 15%; vertical-align: bottom"><span style="font-size: 10pt"> </span></td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zBvJfiLphmDj" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-size: 10pt">Management Fees</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.75%</span></td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zhCaxH1RoCBl" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-size: 10pt">Distribution and Service (12b-1) Fees </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_ze4rvr0rvMA2" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F4F_zeAvIDaAGIFc">(1)</sup></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.04%</span></td></tr> <tr id="xdx_403_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zaeS6f7Je0t2" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Acquired Fund Fees and Expenses<sup id="xdx_F43_zmyiOsr4Pz95">(2)</sup></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.11%</td></tr> <tr id="xdx_40A_eoef--ExpensesOverAssets_dpn_zun5UOVgX9oi" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.90%</td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zgKQkRJLm85d" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Fee Waiver<sup id="xdx_F4C_zvlLfvgn5Up5">(3)</sup></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">(0.05)%</td></tr> <tr id="xdx_40D_eoef--NetExpensesOverAssets_dpn_zxJeoQUtyT49" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-size: 10pt">Total Annual Fund Operating Expenses After Fee Waiver</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.85%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: top"> <td id="xdx_F03_zckDjTXqQgk7" style="width: 0.25in">(1)</td> <td id="xdx_F17_zkGMb9sW7JVf" style="font-size: 10pt; text-align: justify"> Other Expenses includes interest expenses of 0.04%.</td></tr> <tr style="vertical-align: top"> <td id="xdx_F04_zY33XaOM7Wwd">(2)</td> <td id="xdx_F15_znRNYCJdW5k2" style="font-size: 10pt; text-align: justify"><span id="xdx_90E_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20261028__20261028__dei--LegalEntityAxis__custom--S000079963Member_z0oTGSqarZNl"> 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.</span></td></tr> <tr style="vertical-align: top"> <td id="xdx_F07_zBUK9uzoIDY2">(3)</td> <td id="xdx_F13_zgN820JJVrse" style="font-size: 10pt; text-align: justify"> The Fund’s adviser has contractually agreed, through at least <span id="xdx_90E_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20261028__20261028__dei--LegalEntityAxis__custom--S000079963Member_z2SxdbdOPxf5">October 31, 2027</span>, to waive its management fees to 0.70% of the Fund’s average daily net assets. This agreement may be terminated only by the Trust’s Board of Trustees on 60 days’ written notice to the Fund’s adviser.</td></tr> </table> 0.0075 0.0000 0.0004 0.0011 0.0090 -0.0005 0.0085 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. October 31, 2027 <p id="xdx_A80_eoef--ExpenseExampleNarrativeTextBlock_zHSXtfwrIR9h" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b><i>Example: </i></b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt">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. The Example further assumes that the Fund’s fee waiver agreement will only be in place for the term specified above. <span id="xdx_90D_eoef--ExpenseExampleByYearCaption_c20261028__20261028__dei--LegalEntityAxis__custom--S000079963Member_zlqek6VK8hC7">Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span></p> Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zOTKYNLXUkUl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zkYeVcfZJgyd" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: gainsboro"> <td id="xdx_480_eoef--ExpenseExampleYear01_zd9LStvkvwEa" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_489_eoef--ExpenseExampleYear03_zxzimZTrVST6" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 13%; text-align: center"><span style="font-size: 10pt"><b>3 Years</b></span></td> <td id="xdx_487_eoef--ExpenseExampleYear05_zhviMl04lY17" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 13%; text-align: center"><span style="font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_48A_eoef--ExpenseExampleYear10_zS3JlVBAEZeh" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; text-align: center"><span style="font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_41A_20261028__20261028__dei--LegalEntityAxis__custom--S000079963Member__oef--ClassAxis__custom--C000241460Member_z4BctUTrjf0a" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">$87</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">$282</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">$494</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">$1,103</span></td></tr> </table> 87 282 494 1103 <p id="xdx_A87_eoef--PortfolioTurnoverTextBlock_zOpov5oCG2I8" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b><i>Portfolio Turnover: </i></b>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 <span id="xdx_905_eoef--PortfolioTurnoverRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000079963Member_zgSGw9MrNVY1">0%</span> of the average value of its portfolio.</p> 0 <p id="xdx_A8D_eoef--StrategyNarrativeTextBlock_zROVuv0kWfsi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Principal Investment Strategies: </b>The Adviser seeks to achieve the Fund’s investment objective by investing in commodity futures contracts. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEludmVzdG1lbnQgU3RyYXRlZ3kA" id="xdx_901_efnd--NmRule35d1EightyPctInvstmntPlcyTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000079963Member_ztufvUCOlIki">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), based on notional value, in futures contracts on commodities and commodity indices and a wholly owned subsidiary with exposure to commodities and futures contracts on commodities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">Under normal market conditions, the Fund invests in a portfolio of futures contracts on commodities and commodity indices that the Adviser believes will provide exposure across commodities markets (collectively, “Futures Contracts”). A futures contract on a commodity is a financial agreement between two parties to transact on a physical commodity (or, in some contracts, a cash equivalent) at a specified price on a set future date. The Fund attempts to capture the economic benefit derived from rising trends based on the price changes of the Futures Contracts. Each month, each Futures Contract is generally positioned long if the Futures Contract is experiencing a positive price trend. The Fund may take short positions if the Futures Contract is experiencing a negative price trend. However, the Fund expects its Futures Contract portfolio to have a net long bias in most market environments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Price trends and the determination whether to take a long or short position are based on the expected returns of each Futures Contract, derived from the Adviser’s models that use valuation (price changes relative to economic indicators such as inflation) and momentum signals (prices trending higher or lower over various look back pe<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">riods). In addition to return, the Adviser considers the risk of each Futures Contract and the correlation between Futures Contracts. The Fund will also hold short-term U.S. Treasury securities or other high credit quality, short-term fixed-income or similar securities (such as shares of money market funds, including affiliated money market ETFs, and collateralized repurchase agreements) for direct investment or as collateral for Futures Contracts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The Fund may use swaps as a supplement to its futures-based strategy. These swaps may use futures, an index of futures, underlying futures assets, or a futures-linked ETF as the reference asset. A swap agreement is a two-party contract entered into primarily by institutional investors for periods ranging from a day to more than one year. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments (reference assets).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Unlike a typical commodity pool that is taxed as a partnership and provides each partner with a Schedule K-1 annually, the Fund provides shareholders with a Form 1099 but no Schedule K-1. To deliver 1099s consistent with applicable tax law, the Fund intends to invest in an underlying subsidiary, as discussed below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><span id="xdx_904_eoef--StrategyPortfolioConcentration_c20261028__20261028__dei--LegalEntityAxis__custom--S000079963Member_zYD35CvLIze7"> The Fund expects to gain exposure to these investments and swaps by investing up to 25% of its assets in a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”) which is advised by the Adviser.</span> Unlike the Fund, the Subsidiary is not an investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund’s investment in the Subsidiary is intended to provide the Fund with exposure to commodity markets in accordance with applicable rules and regulations.</span></p> 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), based on notional value, in futures contracts on commodities and commodity indices and a wholly owned subsidiary with exposure to commodities and futures contracts on commodities. The Fund expects to gain exposure to these investments and swaps by investing up to 25% of its assets in a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”) which is advised by the Adviser. <p id="xdx_A86_eoef--RiskTextBlock_zEq7rIHVaqo9" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Principal Investment Risks: </b><i><span id="xdx_906_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000079963Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zFLZEzVXLCje">As with all funds, there is the risk that you could lose money through your investment in the Fund.</span></i><i> Many factors affect the Fund’s net asset value and price of shares and performance.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The following describes the principal risks the Fund bears with respect to its investments. <span id="xdx_903_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000079963Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zLYQU5sQIXr8">As with any fund, there is no guarantee that the Fund will achieve its goal. Many of the risks presented below are born by the Fund indirectly through its Subsidiary.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 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. Many of the risks presented below are born by the Fund indirectly through its Subsidiary. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zlt8TC0vTSAc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Fixed Income Securities Risk. </i>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. A rise in interest rates may result in a decline in the value of the fixed income investments held by the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesRiskMember_zQ4GY7QyPCuh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Futures Risk. </i>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 asset. Investments in futures involve leverage, which means a small percentage of assets invested in futures can have a disproportionately large impact on the Fund. This risk could cause the Fund to lose more than the principal amount invested. Futures contracts may become mispriced or improperly valued when compared to the Adviser’s expectation and may not produce the desired investment results. Additionally, changes in the value of futures contracts may not track or correlate perfectly with the underlying index because of temporary, or even long-term, supply and demand imbalances and because futures do not pay dividends unlike the stocks upon which they are based.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapsRiskMember_zWQltp64dQuj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Swaps Risk</i>. The Fund’s use of swaps 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 swap transaction may not fulfill its contractual obligations and the Fund may not receive payments owed under the contract, or such payments may be delayed and the value of agreements with the counterparty may decline; (ii) risk of mispricing or improper valuation; (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset or index; and (iv) swap fees will reduce Fund returns.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zLT1BqKEGPFa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Active Management Risk.</i> The Fund is subject to the risk that the investment management strategy may not produce the intended results and may negatively impact Fund performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommodityRiskMember_zg1t2auZwLaa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Commodity Risk.</i> Investments linked to commodity futures contracts can be highly volatile compared to investments in traditional securities, and funds holding instruments linked to commodity futures contracts may experience large losses. The value of instruments linked to commodity futures contracts may be affected by market movements, commodity benchmarks, volatility, changes in interest rates, or factors affecting a particular industry, or commodity. For example, commodity futures contracts may be affected by numerous factors, including drought, floods, fires, weather, livestock disease, pipeline ruptures or spills, embargoes, tariffs and international, economic, political or regulatory developments. In particular, trading in natural gas futures contracts (or other financial instruments linked to natural gas) has historically been very volatile and can be expected to be very volatile in the future. High volatility may have an adverse impact on the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zReQc4YfNO9f" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Derivatives Risk</i>. 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zJr5Fk2pKwng" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Early Close/Trading Halt Risk.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfStructureRisksMember_zrBf1jyIelWc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>ETF Structure Risks</i>. The Fund is structured as an ETF and will invest in underlying ETFs. As a result, the Fund is subject to special risks, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Not Individually Redeemable. </i>The Fund’s shares (“Shares”) are not redeemable by retail investors and may be redeemed only by 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Trading Issues. </i>Trading in Shares on 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Market Price Variance Risk</i>. 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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 for 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Authorized Participant Risk. </i>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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zXeOQBzy2w4d" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Leverage Risk.</i> The use of leverage by the Fund, through its use of futures, will cause the Fund to incur additional expenses and magnify the Fund’s gains or losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zFT3q0SPtSil" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Market and Geopolitical Risk.</i> 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 portfolios 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, tariffs and trade wars, international conflicts and wars, 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. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketFundsRiskMember_zTcI5kSrclOi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Money Market Funds Risk. </i>Money market funds are subject to management fees and other expenses, and the Fund’s investments in money market funds will cause it to bear proportionately the costs incurred by the money market funds’ operations while simultaneously paying its own management fees and expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--AffiliatedMoneyMarketETFConflictOfInterestRiskMember_zmzz7ct1sAGg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Affiliated Money Market ETF Conflict of Interest Risk</i>. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementRiskMember_z6xuKa2BHrOe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Repurchase Agreement Risk.</i> The Fund’s investment in repurchase agreements may be subject to market and credit risk with respect to the collateral securing the repurchase agreements. Investments in repurchase agreements also may be subject to the risk that the market value of the underlying obligations may decline prior to the expiration of the repurchase agreement term.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--RollingFuturesContractRiskMember_zckjXeA5pGo1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Rolling Futures Contract Risk</i>. The Fund will invest in and have exposure to Futures Contracts and is subject to risks related to rolling. Rolling occurs when the Fund closes out of a Futures Contract as it nears its expiration and replaces it with a contract that has a later expiration. The Fund does not intend to hold Futures Contracts through expiration, but instead intends to “roll” its futures positions. When the market for these Futures Contracts is such that the prices are higher in the more distant delivery months than in the nearer delivery months, the sale during the course of the “rolling process” of the more nearby contract would take place at a price that is lower than the price of the more distant contract. This pattern of higher Futures Contract prices for longer expiration contracts is often referred to as “contango.” Alternatively, when the market for futures contracts is such that the prices are higher in the nearer months than in the more distant months, the sale during the course of the “rolling process” of the more nearby contract would take place at a price that is higher than the price of the more distant contract. This pattern of higher futures prices for shorter expiration futures contracts is referred to as “backwardation.” Extended periods of contango or backwardation have occurred in the past and can in the future cause significant losses for the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SubsidiaryInvestmentRiskMember_zxEDLjlJlvGl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Subsidiary Investment Risk.</i> Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary are organized, respectively, could result in the inability of the Fund to operate as intended and could negatively affect the Fund and its shareholders. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. Thus, the Fund, as an investor in the Subsidiary, will not have all the protections offered to investors in registered investment companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TurnoverRateRiskMember_zQ6J4HqVW45l" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Turnover Rate Risk.</i> The Fund may have portfolio turnover rates significantly in excess of 100%. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund’s performance and may produce increased taxable distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryMarketRiskMember_z9wa7YXrTkWk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>U.S. Treasury Market Risk</i>. The U.S. Treasury market can be volatile, and the value of instruments correlated with these markets may fluctuate dramatically from day to day. U.S. Treasury obligations may provide relatively lower returns than those of other securities. Similar to other debt instruments, U.S. Treasury obligations are subject to debt instrument risk and interest rate risk. In addition, changes to the financial condition or credit rating of the U.S. Government may cause the value of U.S. Treasury obligations to decline.</p> <p id="xdx_A86_eoef--PerformanceNarrativeTextBlock_zrzFQT69kym" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Performance: </b><span id="xdx_906_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20261028__20261028__dei--LegalEntityAxis__custom--S000079963Member_zC1m3l0GWbZ">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 and an additional index.</span> The additional index tracks a diversified basket of commodity futures and is included as a performance benchmark that reflects the Fund’s core commodity market exposure. <span id="xdx_90E_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000079963Member_zrXHLKNjwgg5">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information is available at no cost by visiting <span id="xdx_90A_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000079963Member_znIzyvVobYCk"><span style="text-decoration: underline">www.simplify.us/etfs</span></span> or by calling <span id="xdx_901_eoef--PerformanceAvailabilityPhone_c20261028__20261028__dei--LegalEntityAxis__custom--S000079963Member_zJbVMhDwHxFd">1 (855) 772-8488</span>.</p> 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 and an additional 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 <p id="xdx_A86_eoef--BarChartTableTextBlock_ziXj0ziQIXFg" style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><img alt="" src="pro-hard_001.jpg" style="height: 270px; width: 450px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zhi7L9952Dg8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; 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="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2024</td> <td id="xdx_984_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000241460Member_zU4QHAL4S2Db" style="display: none; text-align: center; width: 50%">18.97%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_988_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000241460Member_zSklbpueFfS7" style="display: none; text-align: center">14.86%</td></tr> </table> 0.1897 0.1486 <p id="xdx_A87_eoef--BarChartClosingTextBlock_zOFcw4iiNJv7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify; text-indent: 0.5in">During the periods shown in the bar chart above, the Fund’s <span id="xdx_90D_eoef--HighestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000079963Member_zEW7RBpRBf47">highest quarterly return</span> was <span id="xdx_90C_eoef--BarChartHighestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000079963Member_znn46gyST3Wf">16.14%</span> (quarter ended <span id="xdx_902_eoef--BarChartHighestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000079963Member_zftg6chugnIb">March 31, 2025</span>) and the Fund’s <span id="xdx_902_eoef--LowestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000079963Member_z3GDxwD18FSf">lowest quarterly return</span> was <span id="xdx_90F_eoef--BarChartLowestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000079963Member_zmpWlwvpIAch">-8.36%</span> (quarter ended <span id="xdx_90F_eoef--BarChartLowestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000079963Member_zKIFCLnc4aAj">June 30, 2025</span>). The calendar <span id="xdx_900_eoef--YearToDateReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000079963Member_zKJl45h37vhk">year-to-date total return</span> of the Fund as of <span id="xdx_909_eoef--BarChartYearToDateReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000079963Member_zxognTlYcese">September 30, 2025</span> was <span id="xdx_903_eoef--BarChartYearToDateReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000079963Member_zHtBmONPvzK7">16.85%</span>.</p> highest quarterly return 0.1614 2025-03-31 lowest quarterly return -0.0836 2025-06-30 year-to-date total return 2025-09-30 0.1685 Average Annual Total Returns for the Periods Ended December 31, 2025 <div id="xdx_A88_eoef--PerformanceTableTextBlock_z3tWQDiKf7nf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zLhuMhBDFqzd" 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: bottom; text-align: left"> </td> <td style="vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20250101__20251231_z6uykEqn3Q89" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">1 Year</td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt; font-weight: bold"> </td> <td style="vertical-align: bottom; text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20230327__20251231_zRA1btNapcy2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Since <br/> Inception<br/> (<span id="xdx_90F_eoef--PerfInceptionDate_c20261028__20261028__oef--ClassAxis__custom--C000241460Member_zgNsPa5jEGW5">3/27/23</span>)</td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000241460Member_zO0kKciXGu0c" style="vertical-align: bottom; background-color: Gainsboro"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 76%; text-align: left; padding-bottom: 1pt">Return Before Taxes</td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 9%; text-align: right">14.86</td> <td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 9%; text-align: right">9.88</td> <td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000241460Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zYKKbB2VzLQd" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">13.34</td> <td style="padding-bottom: 1pt; text-align: left">%</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">8.48</td> <td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000241460Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zq7qNiL9gWAl" style="vertical-align: bottom; background-color: Gainsboro"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">8.78</td> <td style="padding-bottom: 1pt; text-align: left">%</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">7.01</td> <td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000241460Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_z3zKvz2Kl3o2" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; padding-bottom: 1pt; width: 76%">Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)</td> <td style="padding-bottom: 1pt; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; width: 9%">7.30</td> <td style="padding-bottom: 1pt; text-align: left; width: 1%">%</td> <td style="padding-bottom: 1pt; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; width: 9%">4.16</td> <td style="padding-bottom: 1pt; text-align: left; width: 1%">%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000241460Member__oef--PerformanceMeasureAxis__custom--BloombergCommodityIndexMember_zKVClauv0hTf" style="vertical-align: bottom; background-color: Gainsboro"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; padding-bottom: 1pt; width: 76%">Bloomberg Commodity Index (<span id="xdx_90A_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261028__20261028__dei--LegalEntityAxis__custom--S000079963Member_zkZR1QTFftpc">reflects no deduction for fees, expenses or taxes</span>)</td> <td style="padding-bottom: 1pt; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; width: 9%">15.77</td> <td style="padding-bottom: 1pt; text-align: left; width: 1%">%</td> <td style="padding-bottom: 1pt; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; text-align: left; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; text-align: right; width: 9%">7.07</td> <td style="padding-bottom: 1pt; text-align: left; width: 1%">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 2023-03-27 0.1486 0.0988 0.1334 0.0848 0.0878 0.0701 0.0730 0.0416 reflects no deduction for fees, expenses or taxes 0.1577 0.0707 <p id="xdx_A83_eoef--PerformanceTableClosingTextBlock_zGfVg1Ccjbi6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify; text-indent: 0.5in"><span id="xdx_900_eoef--PerformanceTableUsesHighestFederalRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000079963Member_zkZCh8Cp8d09">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.</span> <span id="xdx_90C_eoef--PerformanceTableNotRelevantToTaxDeferred_c20261028__20261028__dei--LegalEntityAxis__custom--S000079963Member_zEVeU2YVHTH4">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.</span></p> 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. FUND SUMMARY – SIMPLIFY CURRENCY STRATEGY ETF <p id="xdx_A8E_eoef--ObjectivePrimaryTextBlock_zArcgBlNX2l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Investment Objective: </b>The Simplify Currency Strategy ETF (the “Fund” or “FOXY”) seeks long term capital appreciation.</p> <p id="xdx_A84_eoef--ExpenseNarrativeTextBlock_z6tP0rBS5FEb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fees and Expenses of the Fund: </b>This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table or example below.</b></p> <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_zSSM8nYsJf0e"></div> <table cellpadding="3" cellspacing="0" id="xdx_A53_dU_zFrpubd9j6d5" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 80%; margin-right: auto; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: gainsboro"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 65%"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses<br/> </b>(expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_493_20261028__20261028__dei--LegalEntityAxis__custom--S000088353Member__oef--ClassAxis__custom--C000254609Member_zqIttEMOjozk" style="border: black 1pt solid; text-align: center; width: 15%; vertical-align: bottom"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_z1SatMmKYtF2"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top"><span style="font-size: 10pt">Management Fees</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.75%</span></td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_z3m8DJL2HIyf"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top"><span style="font-size: 10pt">Distribution and Service (12b-1) Fees </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_z910GnXOuxO"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top"><span style="font-size: 10pt">Other Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_40E_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zX6DEDUfnBQ7"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top">Acquired Fund Fees and Expenses<sup id="xdx_F46_z26WhvDOR2R1">(1)</sup></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center">0.09%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_z5EduNxOT7hg"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top"><span style="font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.84%</span></td></tr> <tr id="xdx_406_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zZH30NLOz7C4"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top">Fee Waiver<sup id="xdx_F46_zBvjVbxe2Vqd">(2)</sup></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center">(0.05)%</td></tr> <tr id="xdx_403_eoef--NetExpensesOverAssets_dpn_zxBFmYGDO0E5"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top">Total Annual Fund Operating Expenses After Fee Waiver</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center">0.79%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto;width: 80%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><span id="xdx_F03_z6YYyTENB5u7">(1)</span></td> <td style="text-align: justify"><span id="xdx_F1D_zrWIUrHaPLNa"> 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.</span></td> </tr> <tr style="vertical-align: top; text-align: justify"> <td></td> <td style="text-align: left">(2)</td> <td style="text-align: justify">The Fund’s adviser has contractually agreed, through at least <span id="xdx_90D_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20261028__20261028__dei--LegalEntityAxis__custom--S000088353Member_zkzbfFTv8lll">October 31, 2027</span>, to waive its management fees to 0.70% of the Fund’s average daily net assets. This agreement may be terminated only by the Trust’s Board of Trustees on 60 days’ written notice to the Fund’s adviser.</td></tr> </table> 0.0075 0.0000 0.0000 0.0009 0.0084 -0.0005 0.0079 October 31, 2027 <p id="xdx_A80_eoef--ExpenseExampleNarrativeTextBlock_z2LS0LvP5J5h" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Example: </i></b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">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. The Example further assumes that the Fund’s fee waiver agreement will only be in place for the term specified above. <span id="xdx_905_eoef--ExpenseExampleByYearCaption_c20261028__20261028__dei--LegalEntityAxis__custom--S000088353Member_zWwpPrt9PSD7">Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span></p> Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zgHFDgL50K62"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zQfYXUOglQV1" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom; background-color: gainsboro"> <td id="xdx_486_eoef--ExpenseExampleYear01_zR6fgdTzZxk8" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_48B_eoef--ExpenseExampleYear03_zBvmqw7jNlbb" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>3 Years</b></span></td> <td id="xdx_480_eoef--ExpenseExampleYear05_zzSND4CGiTUi" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_48F_eoef--ExpenseExampleYear10_zMc1jugppmpl" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_41D_20261028__20261028__dei--LegalEntityAxis__custom--S000088353Member__oef--ClassAxis__custom--C000254609Member_zvt0aa3r5nMb" style="vertical-align: top"> <td style="width: 12%; text-align: center"><span style="font-size: 10pt">$81</span></td> <td style="width: 13%; text-align: center"><span style="font-size: 10pt">$264</span></td> <td style="width: 13%; text-align: center"><span style="font-size: 10pt">$462</span></td> <td style="width: 12%; text-align: center"><span style="font-size: 10pt">$1,036</span></td></tr> </table> 81 264 462 1036 <p id="xdx_A84_eoef--PortfolioTurnoverTextBlock_ziWgAGQAp9Tf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b><i>Portfolio Turnover: </i></b>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 <span id="xdx_909_eoef--PortfolioTurnoverRate_dp_c20261028__20261028__dei--LegalEntityAxis__custom--S000088353Member_zDcPj3IkTxyj">0%</span> of the average value of its portfolio.</p> 0 Principal Investment Strategies: <p id="xdx_A8A_eoef--StrategyNarrativeTextBlock_zPJgn0vUaiu8" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The Fund is an actively managed exchange-traded fund (“ETF”). The Adviser seeks to fulfil the Fund’s investment objective by investing primarily in foreign currency forward contracts, foreign currency forward swaps, and foreign currency futures contracts that provide exposure comparable to buying or selling the foreign currencies directly. The Adviser employs one strategy for G-10 currencies and a different one for emerging market currencies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund’s currency investments will represent one or more “G-10” currencies, which include the Australian Dollar (AUD), Canadian Dollar (CAD), Euro (EUR), Japanese Yen (JPY), New Zealand Dollar (NZD), Norwegian Krone (NOK), British Pound (GBP), Swedish Krona (SEK), Swiss Franc (CHF), and U.S. Dollar (USD), as well as currencies of emerging market countries outside of the G-10. The Fund defines an emerging market country as any country that is (i) generally recognized to be an emerging market country by the international financial community, including the World Bank; (ii) classified by the United Nations as a developing country; or (iii) included in the MSCI Emerging Markets Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>G-10 Currency Strategy</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Fund will generally enter into foreign currency forward contracts, foreign currency forward swaps, and foreign currency futures contracts in G-10 currencies, either long or short, based on the Adviser’s determination of which currencies it believes will outperform or underperform the U.S. Dollar, based on its proprietary forecast. The Fund will invest in long positions for G-10 currencies that are expected to appreciate relative to the U.S. dollar, and short positions for G-10 currencies that are expected to depreciate against the U.S. dollar.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Emerging Markets Currency Strategy</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund also enters into foreign currency forward contracts, foreign currency forward swaps, and foreign currency futures contracts for exposure to emerging market countries’ currencies, either long or short. The Adviser implements what is commonly referred to as a carry strategy for emerging market currencies. The Adviser takes a long position in currencies with the highest interest rates while taking short positions in currencies with the lowest interest rates. Conceptually, this is economically similar borrowing in a low-interest rate currency and investing the borrowed amount into another higher-interest rate currency. Leverage has the effect of increasing the Fund’s volatility as well as the potential for gains and losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Fund invests in both physical delivery and USD cash-settled currency forward contracts. A cash-settled foreign currency forward contract is similar to a regular foreign currency forward contract, except that at maturity the cash-settled contract does not require physical delivery of currencies. A foreign exchange forward contract is an obligation to purchase or sell a specific currency on a future date (settlement date) for a fixed price set on the date of the contract (trade date). According to the terms of a cash-settled foreign currency forward contract, on the settlement date, the party that is long the now-depreciated currency pays the other party the amount of the depreciation times the notional amount of the contract. This represents the difference between the contracted forward price and the spot market rate at settlement date. By utilizing cash-settled foreign currency forward contracts, the Fund will not take physical delivery of a currency as part of a forward contract. All forward contracts are subject to counterparty default risk. The Fund limits net economic exposure at the time of investment to any one over-the-counter counterparty to 25% of Fund net assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Fund is required to post collateral to assure its performance to the currency instrument counterparties. The Fund will hold cash and cash-like instruments or high-quality short term fixed income securities (collectively, “Collateral”). The Collateral may consist of (i) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (ii) money market funds (including affiliated money market ETFs); (iii) fixed income ETFs; and/or (iv) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by companies that are rated investment grade or of comparable quality. The Adviser considers an unrated security to be of comparable quality to a security rated investment grade if it believes it has a similar low risk of default. The Fund anticipates the majority of the Fund’s assets will be pledged as Collateral and the remainder of the portfolio will also be composed of Collateral. The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended, which means that the Fund may invest a higher percentage of its assets in a fewer number of issuers than is permissible for a “diversified” Fund. Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in investments that provide economic exposure to currencies.</p> <p id="xdx_A88_eoef--RiskTextBlock_zO6XNxRNmw03" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Principal Investment Risks: </b><i><span id="xdx_903_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000088353Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zg2WScDuHDd7">As with all funds, there is the risk that you could lose money through your investment in the Fund.</span> Many factors affect the Fund’s net asset value and price of shares and performance.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following describes the principal risks the Fund bears with respect to its investments. <span id="xdx_908_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000088353Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zH0ion07h8Yd">As with any fund, there is no guarantee that the Fund will achieve its goal.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 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. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_z0nlWfD4H0n5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Foreign Currency Risk.</i> The Fund holds investments that provide exposure to non-U.S. currency exchange rates. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of the Fund’s investment and the value of Fund shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and your investment in the Fund may experience losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForwardContractsRiskMember_zVJqwGZpwyx8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Forward Contracts Risk.</i> A decision as to whether, when, and how to use forward contracts involves the exercise of skill and judgment and even a well-conceived forward contract transaction may be unsuccessful because of market behavior or unexpected events. The primary risks associated with the use of forward contracts, which may adversely affect the Fund’s net asset value (“NAV”) and total return, are (i) possible lack of a liquid secondary market for a forward contract and the resulting inability to close a forwards contract when desired; (ii) losses caused by unanticipated market movements, which are potentially unlimited; (iii) incorrect predictions of the direction of currency exchange rates and other economic factors; (iv) the possibility that the counterparty will default in the performance of its obligations; and (v) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_zG57aJAlYX72" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><i>Swap Risk</i>. Leverage inherent in swaps will tend to magnify the Fund’s losses if the reference asset or assets declines in price. These contracts involve exposure to credit risk because contract performance depends, in part, on the financial condition of the counterparty. If the creditworthiness of the counterparty declines, the Fund may not receive payments owed under the contract, or such payments may be delayed and the value of agreements with the counterparty can be expected to decline, potentially resulting in losses to the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zTMGiqS2RtPb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Counterparty Risk. </i>Counterparty risk is the risk that a counterparty to a financial instrument held by the Fund may become insolvent or otherwise fail to perform its obligations, and the Fund may obtain no or limited recovery of its investment, and any recovery may be significantly delayed.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesRiskMember_z0qLZ6u8oYGl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Futures Risk. </i>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 currency.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zWwIun8ezAKe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Foreign Investment Risk</i>. The Fund may invest in derivative contracts with counterparties domiciled in countries outside the U.S. that may experience more rapid and extreme changes in ability to meet contractual obligations. These counterparties may be subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, currency fluctuations, higher transaction costs, delayed settlement, and less stringent investor protection and disclosure standards than those of U.S. markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zSXl1bCLbgE2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Emerging Markets Risk</i>. Investing in emerging market currencies subjects the Fund not only the risks described above with respect to investing in foreign securities, but also other risks, including exposure to economic structures that are generally less diverse and mature, limited availability and reliability of information material to an investment decision, and exposure to political systems that can be expected to have less stability than those of developed countries. The market for derivative contracts in emerging market currencies typically is smaller, which may result in a lack of liquidity and price volatility.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zaPReHvM8b05" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Active Management Risk.</i> The Fund is subject to the risk that the investment management strategy may not produce the intended results and may negatively impact Fund performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashOrCashEquivalentsRiskMember_z9Uo5wuQfkGc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Cash or Cash Equivalents Risk.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zXVK9rImcs3l" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Early Close/Trading Halt Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfStructureRiskMember_zIEzqA9RaIY2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>ETF Structure Risk. </i>The Fund is structured as an ETF. As a result, the Fund is subject to special risks, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify"><i>Not Individually Redeemable.</i> The Fund’s shares (“Shares”) are not redeemable by retail investors and may be redeemed only by 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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> <td style="vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><i>Trading Issues</i>. Trading in Shares on 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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> <td style="vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><i>Market Price Variance Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.75in; text-align: right; vertical-align: top"></td> <td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">○</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in">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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.75in; text-align: right; vertical-align: top"></td> <td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">○</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in">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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.75in; text-align: right; vertical-align: top"></td> <td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">○</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in">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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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> <td style="vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><i>Authorized Participant Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_z9KJqX9faFQk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Leverage Risk.</i> The use of leverage by the Fund, such as through the use of forward contracts, may cause the Fund to incur additional expenses and will magnify the Fund’s gains or losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryRiskMember_zfHvcp1fyJu3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Limited History Risk.</i> The Fund is a new ETF and has a limited history of operations for investors to evaluate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_z0xWmSK5DmY4" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><i>Market and Geopolitical Risk</i>. 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 and counterparties 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, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts and wars, 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedFundRiskMember_zoHv4HFx0and" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white"><i>Non-Diversified Fund Risk.</i> <span id="xdx_905_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000088353Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_z0wR2VLkqPza">Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TurnoverRateRiskMember_zp7oN1WSRE4h" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><i>Turnover Rate Risk.</i> The Fund may have portfolio turnover rates significantly in excess of 100%. Increased Portfolio Turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund’s performance and may produce increased taxable distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryAndAgencyMarketRiskMember_zxuW05ck1fD1" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><i>U.S. Treasury and Agency Market Risk. </i>The U.S. Treasury and agency market can be volatile, and the value of instruments correlated with these markets may fluctuate dramatically from day to day. U.S. Treasury and agency obligations may provide relatively lower returns than those of other securities. Similar to other debt instruments, U.S. Treasury and agency obligations are subject to debt instrument risk and interest rate risk. In addition, changes to the financial condition or credit rating of the U.S. Government may cause the value of U.S. Treasury and agency obligations to decline. U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and are generally considered to have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--VolatilityRiskMember_zKDlnDH0vVmj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Volatility Risk</i>. Significant short-term price movements could adversely impact the performance of the Fund. The Fund’s performance may be volatile, which means that the Fund’s performance may be subject to substantial short-term changes up or down.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--AffiliatedMoneyMarketETFConflictOfInterestRiskMember_zntvvgPgPTa4" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><i>Affiliated Money Market ETF Conflict of Interest Risk.</i> 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.</p> <p id="xdx_A87_eoef--PerformanceNarrativeTextBlock_zNU5mCx1m0u1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Performance: </b><span id="xdx_905_eoef--PerformanceOneYearOrLess_c20261028__20261028__dei--LegalEntityAxis__custom--S000088353Member_ztql0aNvHve5">Performance information will be available in the prospectus after the Fund has been in operation for one full calendar year.</span> <span id="xdx_902_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000088353Member_zCfMMgDOdyHj">Past performance is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information will be available at no cost by visiting <span id="xdx_903_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000088353Member_ztjpMV6ORzd9"><span style="text-decoration: underline">www.simplify.us</span></span> or by calling <span id="xdx_903_eoef--PerformanceAvailabilityPhone_c20261028__20261028__dei--LegalEntityAxis__custom--S000088353Member_zMaXc7SMlKWa">1 (855) 772-8488</span>.</p> Performance information will be available in the prospectus after the Fund has been in operation for one full calendar year. Past performance is not necessarily an indication of how the Fund will perform in the future. www.simplify.us 1 (855) 772-8488 FUND SUMMARY – SIMPLIFY DBi CTA MANAGED FUTURES INDEX ETF <p id="xdx_A8B_eoef--ObjectivePrimaryTextBlock_zLlF90Wup5Rj" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Investment Objective: </b>The Simplify DBi CTA Managed Futures Index ETF (the “Fund” or “SDMF”) seeks long-term capital appreciation.</p> <p id="xdx_A81_eoef--ExpenseNarrativeTextBlock_zyKp0BfpqK22" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Fees and Expenses of the Fund: </b>This table describes the fees and expenses that you may pay if you buy, sell, and hold shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table or examples below. </b></p> <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zezcHGHINjjb"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5B_dU_zl4MHqaTSzaj" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="background-color: Gainsboro; vertical-align: bottom"> <td style="border: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-style: normal"><b>Annual Fund Operating Expenses<br/> </b> <span style="font-weight: normal">(expenses that you pay each year as a percentage of the value of your investment)</span></span></td> <td id="xdx_49E_20261028__20261028__dei--LegalEntityAxis__custom--S000100872Member__oef--ClassAxis__custom--C000270793Member_zTgwoAjMXfF8" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_ziED3YIDknA2" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 65%; text-align: left; padding-bottom: 1pt">Management Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: center">0.20%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zLlHewQbWBo5" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; padding-bottom: 1pt">Distribution and Service (12b-1) Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dpn_zMG7tXPtCj0l" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40A_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zVhKtckHO8z9" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquired Fund Fees and Expenses<sup id="xdx_F4D_zDe7oVvfCPjj">(1)</sup></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.01%</td></tr> <tr id="xdx_400_eoef--ExpensesOverAssets_dpn_zpyQZRB5jgn6" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; padding-bottom: 1pt">Total Annual Fund Operating Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.21%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto;width: 80%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><span id="xdx_F06_zvRnwQTJbYy9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="text-align: justify"><span id="xdx_F10_zvgGxmUUQ46c" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_905_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20261028__20261028__dei--LegalEntityAxis__custom--S000100872Member_zPcpqIcBlb8f"> 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.</span></span></td> </tr> </table> 0.0020 0.0000 0.0000 0.0001 0.0021 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. <p id="xdx_A86_eoef--ExpenseExampleNarrativeTextBlock_za18cYMA5qze" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Example: </i></b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> 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_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zOCaqhZgJh9c"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="background-color: Gainsboro; vertical-align: bottom"> <td id="xdx_481_eoef--ExpenseExampleYear01_zfX5D4nts7m9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><b>1 Year</b></td> <td id="xdx_488_eoef--ExpenseExampleYear03_zMge1Gpuea0i" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><b>3 Years</b></td> <td id="xdx_48C_eoef--ExpenseExampleYear05_zFynrAHJmvBk" style="border-bottom: Black 1pt solid; text-align: center"><b>5 Years</b></td> <td id="xdx_486_eoef--ExpenseExampleYear10_zAHTPgVy1zke" style="border-bottom: Black 1pt solid; text-align: center"><b>10 Years</b></td></tr> <tr id="xdx_41E_20261028__20261028__dei--LegalEntityAxis__custom--S000100872Member__oef--ClassAxis__custom--C000270793Member_zNwyaysoPH2c" style="vertical-align: bottom"> <td style="width: 12%; text-align: center">$22</td> <td style="width: 13%; text-align: center">$68</td> <td style="text-align: center; width: 13%">$118</td> <td style="text-align: center; width: 12%">$268</td></tr> </table> 22 68 118 268 <p id="xdx_A84_eoef--PortfolioTurnoverTextBlock_zpGy0bXpflE8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b><i>Portfolio Turnover:</i></b> 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 period February 17, 2026 (commencement of operations) through June 30, 2026, the Fund’s portfolio turnover rate was <span id="xdx_90C_eoef--PortfolioTurnoverRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000100872Member_z5AeWFNZsF4e">0%</span> of the average value of its portfolio.</span></p> 0 Principal Investment Strategies: <p id="xdx_A81_eoef--StrategyNarrativeTextBlock_ztJqK4qRZCx6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white;">The Fund is a passively managed fund. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEludmVzdG1lbnQgU3RyYXRlZ3kA" id="xdx_905_efnd--NmRule35d1EightyPctInvstmntPlcyTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000100872Member_zA8bsl6nSEp1">Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in instruments that, in total, have rate of return characteristics that are the economic equivalent of an investment in the components of the DBi CTA MF Index. The Fund’s 80% policy is non-fundamental</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The DBi CTA MF Index (“Index”) is a rules-based index that seeks to represent managed futures investment strategies. The Index is designed to reflect the performance of a diversified basket of futures contracts across major asset classes, including (i) equities, (ii) interest rates, (iii) currencies, and (iv) commodities. The composition and weighting of the underlying futures are determined systematically using a rules-based quantitative model developed and administered by Dynamic Beta Investments, LLC (“DBi”) that seeks to replicate both the risk and return characteristics of a representative universe of managed futures programs. DBi is a research firm specializing in replication of hedge fund strategies and DBi is its registered trademark. The Index model does not select assets, but seeks futures contracts that align most closely with the holdings of representative universe of managed futures programs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Index is sponsored by Société Générale, S.A. which is a licensed French credit institution. Société Générale, S.A. is independent of the Fund and Simplify Asset Management, Inc., the Fund’s investment adviser. The Index is calculated and published daily by an independent calculation agent. The Index reflects the hypothetical performance of a notional portfolio, including the daily mark-to-market of the underlying instruments and the reinvestment of any cash component. However, the Index does not represent an investable portfolio and does not hold any assets; rather, it serves as a transparent measure of the value and returns of the strategy as defined by the Index’s governing rules. The level of the Index will be calculated after deducting an index fee of 0.55% per annum, calculated on a daily basis. This fee deduction will reduce the potential positive change in the Index and increase the potential negative change in the Index. The Index is rebalanced weekly.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white;">While the Fund does not engage a commodity trading adviser, by way of background, managed futures programs are run by commodity trading advisors (“CTAs”) using a managed futures investment strategy. In general, CTAs employ a variety of proprietary investment strategies such as trend following, momentum, and macroeconomic analysis. CTAs invest long and short across a broad spectrum of futures representing asset classes including financial futures (foreign currencies, interest rates, and equity indexes) and commodity futures (energy, metals, and agricultural foodstuffs).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white;">In seeking to replicate the returns of the Index, the Adviser combines Index-linked swaps with cash-like instruments or high-quality short term fixed income securities. A portion of these cash-like instruments are pledged as collateral to swap counterparties. These short term instruments may consist of (i) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (ii) money market funds (including affiliated money market ETFs); (iii) fixed income ETFs; and/or (iv) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by companies that are rated investment grade or of comparable quality. The Adviser considers an unrated security to be of comparable quality to a security rated investment grade if it believes it has a similar low risk of default. When the Fund enters into a swap, the Fund makes payments to the swap counterparty based on either a fixed or variable rate, and the swap counterparty makes payments to the Fund based on the return of Index. The Adviser selects swap counterparties that it believes are creditworthy based on credit rating and financial strength. The Adviser may employ a growing number of swap counterparties as Fund assets increase.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white;"><span id="xdx_904_eoef--StrategyPortfolioConcentration_c20261028__20261028__dei--LegalEntityAxis__custom--S000100872Member_z54ij8dkhsx9">The Fund expects to gain exposure to a portion Index-linked swaps by investing up to 25% of its assets in a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”).</span> This part of the Index-linked swaps is related to futures contracts that, if held directly by the Fund, would not produce qualifying income under the tax rules and regulations that apply to the Fund. The Subsidiary is advised by the Adviser. Unlike the Fund, the Subsidiary is not an investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund’s investment in the Subsidiary is intended to provide the Fund with exposure to a portion of Index-linked swaps in accordance with applicable tax rules and regulations. The Subsidiary follows the same compliance policies and procedures, as the Fund and is subject to the same investment restrictions and limitations as the Fund when measured on a consolidated basis with the Fund. The Fund complies with the provisions of the 1940 Act governing investment policies, capital structure and leverage on an aggregate basis with the Subsidiary. In addition, the Subsidiary complies with the provisions of the 1940 Act relating to affiliated transactions, custody, and advisory agreements. The Subsidiary employs the same service providers (e.g. custodian) as the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended, which means that the Fund may invest a higher percentage of its assets in a fewer number of issuers than is permissible for a “diversified” fund.</span></p> Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in instruments that, in total, have rate of return characteristics that are the economic equivalent of an investment in the components of the DBi CTA MF Index. The Fund’s 80% policy is non-fundamental The Fund expects to gain exposure to a portion Index-linked swaps by investing up to 25% of its assets in a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). <p id="xdx_A87_eoef--RiskTextBlock_zfMDPAOunam9" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principal Investment Risks:</b> <i><span id="xdx_909_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000100872Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zGnrXXbUA8Bc">As with all funds, there is the risk that you could lose money through your investment in the Fund.</span> Many factors affect the Fund’s net asset value and price of shares and performance. The following describes the risks the Fund bears with respect to its investments. <span id="xdx_901_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000100872Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zQAftemcuDek">As with any fund, there is no guarantee that the Fund will achieve its goal. Many of the risks presented below are born by the Fund indirectly through its Subsidiary.</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 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. Many of the risks presented below are born by the Fund indirectly through its Subsidiary. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CTARiskMember_z6CCLfF68UTd" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>CTA Risk.</i> The CTAs’ judgments about the attractiveness, value and potential appreciation of particular commodity asset classes and futures may prove to be incorrect and may not produce the desired results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentRiskMember_z23rkdZUNOJh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>Passive Investment Risk.</i> The Fund is not actively managed, and the Adviser will not sell a holding due to current or projected underperformance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesRiskMember_zXtEuV9emOR9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>Futures Risk.</i> The 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 or asset.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">○</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>Currency Futures Risk:</i> Foreign currency contracts subject the Fund to currency trading risks that include market risk and country risk. Market risk results from adverse changes in exchange rates. Country risk arises because a government may interfere with transactions in its currency.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">○</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>Debt Futures Risk:</i> Typically, a rise in interest rates causes a decline in the value of debt futures. Current conditions may result in a rise in interest rates, which in turn may result in a decline in the value of the debt futures held by the Fund.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">○</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>Equity Futures Risk:</i> Equity futures are subject to general market risks and may not track the equity indices for which they are intended to serve as substitutes.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">○</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>Energy Futures Risk:</i> Energy prices may be adversely affected by fluctuating commodity prices, weather, increased conservation or use of alternative fuel sources, increased governmental or environmental regulation, depletion, rising interest rates, declines in domestic or foreign production, accidents or catastrophic events, and economic conditions.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">○</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>Metals Futures Risk:</i> Precious and industrial metals prices may be susceptible to financial, economic, political or market events, as well as government regulation, impacting the production costs of these metals. Precious metal prices may become volatile when they serve as a substitute for currencies.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">○</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>Agriculture Commodity Futures Risk:</i> Commodity prices may be influenced by unfavorable weather, animal and plant disease, geologic and environmental factors as well as changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapsRiskMember_zhbNjgCxFEnf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>Swaps Risk</i>. The Fund’s use of swaps 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 swap transaction may not fulfill its contractual obligations and the Fund may not receive payments owed under the contract, or such payments may be delayed and the value of agreements with the counterparty may decline; (ii) risk of mispricing or improper valuation; (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset or index; and (iv) swap fees will reduce Fund returns.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_z0XJjaAWVv2h" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>Market and Geopolitical Risk.</i> 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. Assets in the Fund’s portfolios may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, international conflicts and wars, 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. The novel coronavirus (COVID-19) global pandemic and the lingering effects of aggressive responses taken by many governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines or similar restrictions, as well as the forced or voluntary closure of, or operational changes to, many retail and other businesses had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndexProviderRiskMember_z7bFCPqqCuL" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>Index Provider Risk.</i> The Fund seeks to achieve returns that generally correspond, before fees and expenses, to the performance of the Index. There is no assurance that the Index will be compiled, determined, composed or calculated accurately. The Index has a limited history. The Index provider does not offer any warranty nor accepts any liability in relation to the quality, accuracy or completeness of data in the Index; and does not guarantee that the Index will perform in line with its methodology.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zy8MGoPHpzPf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>Tracking Error Risk.</i> Tracking error is the divergence of the Fund’s performance from that of the Index. Tracking error may occur because of imperfect correlation between the Fund’s holdings and those in the Index, pricing differences, the Fund’s holding of cash, changes to the Index or the need to meet various regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs operating fees and expenses while the Index does not.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryRiskMember_zgtPV1beL9h8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>Limited History Risk.</i> The Fund is a new ETF and does not yet have a history of operations for investors to evaluate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zdYY6Y6SYk2c" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversification Risk.</i> <span id="xdx_902_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000100872Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zIkiMDICqMi">Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SubsidiaryInvestmentRiskMember_zyP4OwR8WUSe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>Subsidiary Investment Risk.</i> Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary are organized, respectively, could result in the inability of the Fund to operate as intended and could negatively affect the Fund and its shareholders. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. Thus, the Fund, as an investor in the Subsidiary, will not have all the protections offered to investors in registered investment companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryAndAgencyMarketRiskMember_zmxOsxc6PSsj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>U.S. Treasury and Agency Market Risk</i>. The U.S. Treasury market can be volatile, and the value of instruments correlated with these markets may fluctuate dramatically from day to day. U.S. Treasury obligations may provide relatively lower returns than those of other securities. Similar to other debt instruments, U.S. Treasury obligations are subject to debt instrument risk and interest rate risk. In addition, changes to the financial condition or credit rating of the U.S. Government may cause the value of U.S. Treasury obligations to decline. U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and are generally considered to have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundRiskMember_zt9S7JA8uymd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>Underlying Fund Risk.</i> Other investment companies i.e. ETFs and money market funds (“Underlying Funds”) 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 Underlying Funds and may be higher than other funds that invest directly in stocks and bonds. Each of the Underlying Funds is subject to its own specific risks.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--AffiliatedMoneyMarketEtfConflictOfInterestRiskMember_zg8AGTgvkAqd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>Affiliated Money Market ETF Conflict of Interest Risk.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zzzxvofDIdZ6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>Early Close/Trading Halt Risk.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfStructureRiskMember_zjpWdoSUuE37" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>ETF Structure Risk.</i> The Fund is structured as an ETF. As a result, the Fund is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>Not Individually Redeemable</i>. The Fund’s Shares (“Shares”) are not redeemable by retail investors and may be redeemed only by the Authorized Participant at net asset value (“NAV”) and only in Creation Units. A retail investor generally incurs brokerage costs when selling shares.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>Trading Issues</i>. 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 Fund’s 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.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>Market Price Variance Risk</i>. Individual Shares of the Fund that are listed for trading on the Exchange can be bought and sold in the secondary market at market prices. The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares. There may be times when the market price and the NAV vary significantly and you may pay more than NAV when buying Shares on the secondary market, and you may receive less than NAV when you sell those Shares. The market price of Shares, like the price of any exchange-traded security, includes a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. In times of severe market disruption, the bid-ask spread often increases significantly. This means that Shares may trade at a discount to NAV and the discount is likely to be greatest when the price of Shares is falling fastest, which may be the time that you most want to sell your Shares. The Fund’s investment results are measured based upon the daily NAV of the Fund over a period of time. Investors purchasing and selling Shares in the secondary market may not experience investment results consistent with those experienced by those Authorized Participants creating and redeeming directly with the Fund.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">○</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of Shares and the Fund’s NAV.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">○</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The market price for 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 for Shares than the Fund’s NAV, which is reflected in the bid and ask price for Fund shares or in the closing price.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">○</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">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.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>Authorized Participant Risk.</i> 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>i.e., </i>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, the Fund’s shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting. Authorized Participant concentration risk may be heightened for securities or instruments that have lower trading volumes.</span></td> </tr> </table> <p id="xdx_A8B_eoef--PerformanceNarrativeTextBlock_z6oCSPUg4Q8d" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_90D_eoef--PerformanceOneYearOrLess_c20261028__20261028__dei--LegalEntityAxis__custom--S000100872Member_zm89KSnB5vz1">Performance information will be available in the prospectus after the Fund has been in operation for one full calendar year. Past performance is not necessarily an indication of how the Fund will perform in the future. </span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Updated performance information will be available at no cost by visiting <span id="xdx_903_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000100872Member_zPHys563yfIb"><span style="text-decoration: underline">www.simplify.us</span></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">or by calling <span id="xdx_909_eoef--PerformanceAvailabilityPhone_c20261028__20261028__dei--LegalEntityAxis__custom--S000100872Member_zBROWMdCk9g4">1 (855) 772-8488</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p> Performance information will be available in the prospectus after the Fund has been in operation for one full calendar year. Past performance is not necessarily an indication of how the Fund will perform in the future. www.simplify.us 1 (855) 772-8488 FUND SUMMARY – SIMPLIFY ENHANCED INCOME ETF <p id="xdx_A8C_eoef--ObjectivePrimaryTextBlock_zWS3vRVnWSnh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Investment Objective: </b>The Simplify Enhanced Income ETF (the “Fund” or “HIGH”) seeks to provide monthly income.</p> <p id="xdx_A89_eoef--ExpenseNarrativeTextBlock_zbzVlQ1skKZ" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Fees and Expenses of the Fund: </b>This table describes the fees and expenses that you may pay if you buy, sell, and hold shares of the Fund. <b>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.</b></p> <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zdg6QKSyTUX3"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5E_dU_zFtPbnWS7XF3" 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="background-color: #E0E0E0"> <td style="border: black 1pt solid; text-align: left; vertical-align: top; width: 65%"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses</b><br/> (expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_497_20261028__20261028__dei--LegalEntityAxis__custom--S000077868Member__oef--ClassAxis__custom--C000238456Member_z9SZCfdHM91j" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zcyjjgpgME6a"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: top"><span style="font-size: 10pt">Management Fees</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.50%</span></td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_z5wOPQnJQ8e6"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: top"><span style="font-size: 10pt">Distribution and Service (12b-1) Fees </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_z1kDyz9TiQy6"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: top"><span style="font-size: 10pt">Other Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_40A_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zTASUKbnxtyc"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: top">Acquired Fund Fees and Expenses<sup id="xdx_F4B_zW5d1PIN2SB2">(1)</sup></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">0.11%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zyhhZQGHn3Uk"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: top"><span style="font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.61%</span></td></tr> <tr id="xdx_40B_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zHbiNU4dgA9"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: top">Fee Waiver<sup id="xdx_F47_zhsVmzePzjFb">(2)</sup></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">(0.05)%</td></tr> <tr id="xdx_40D_eoef--NetExpensesOverAssets_dpn_z6qRdPt7xNf9"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: top">Total Annual Fund Operating Expenses After Fee Waiver</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">0.56%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto;width: 80%"> <tr style="vertical-align: top"> <td style="width: 0.25in; font-size: 10pt; text-align: justify"><span id="xdx_F0E_zx1dPaVcIAa6" style="font-size: 10pt">(1)</span></td> <td style="font-size: 10pt; text-align: justify"><span id="xdx_F14_zKUbNpL4wqId" style="font-size: 10pt"> 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.</span></td></tr> <tr style="vertical-align: top"> <td id="xdx_F00_zwkPv4AqlIw6" style="font-size: 10pt; text-align: justify">(2)</td> <td id="xdx_F1E_zzsVRqMVwPGk" style="font-size: 10pt; text-align: justify"> The Fund’s adviser has contractually agreed, through at least <span id="xdx_907_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20261028__20261028__dei--LegalEntityAxis__custom--S000077868Member_zXlUkOtasuub">October 31, 2027</span>, to waive its management fees to 0.45% of the Fund’s average daily net assets. This agreement may be terminated only by the Trust’s Board of Trustees on 60 days’ written notice to the Fund’s adviser.</td></tr> </table> 0.0050 0.0000 0.0000 0.0011 0.0061 -0.0005 0.0056 October 31, 2027 <p id="xdx_A86_eoef--ExpenseExampleNarrativeTextBlock_zrCTGVBxZ4u6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b><i>Example: </i></b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt">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. The Example further assumes that the Fund’s fee waiver agreement will only be in place for the term specified above. <span id="xdx_902_eoef--ExpenseExampleByYearCaption_c20261028__20261028__dei--LegalEntityAxis__custom--S000077868Member_zqzHctR3v0Ng">Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span></p> Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zPL2cfsOeMTb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zUqQLjmeiP39" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom; background-color: gainsboro"> <td id="xdx_481_eoef--ExpenseExampleYear01_zY3z9NyqhTBl" style="border-bottom: black 1pt solid; width: 12%; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_48D_eoef--ExpenseExampleYear03_z5HdC0dRMXAa" style="border-bottom: black 1pt solid; width: 13%; text-align: center"><span style="font-size: 10pt"><b>3 Years</b></span></td> <td id="xdx_488_eoef--ExpenseExampleYear05_za2wT7gmFIA3" style="border-bottom: black 1pt solid; width: 13%; text-align: center"><span style="font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_481_eoef--ExpenseExampleYear10_zD9wt26StPOg" style="border-bottom: black 1pt solid; width: 12%; text-align: center"><span style="font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_411_20261028__20261028__dei--LegalEntityAxis__custom--S000077868Member__oef--ClassAxis__custom--C000238456Member_zR4U8qIXSK47" style="vertical-align: top"> <td style="text-align: center"><span style="font-size: 10pt">$57</span></td> <td style="text-align: center"><span style="font-size: 10pt">$191</span></td> <td style="text-align: center"><span style="font-size: 10pt">$336</span></td> <td style="text-align: center"><span style="font-size: 10pt">$759</span></td></tr> </table> 57 191 336 759 <p id="xdx_A83_eoef--PortfolioTurnoverTextBlock_zLEcPU8vBq25" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b><i>Portfolio Turnover: </i></b>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 <span id="xdx_90D_eoef--PortfolioTurnoverRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000077868Member_zhHso8sYisU3">0%</span> of the average value of its portfolio.</p> 0 <p id="xdx_A86_eoef--StrategyNarrativeTextBlock_zQIipjqti524" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Principal Investment Strategies: </b>The Fund is an actively managed exchange-traded fund (“ETF”). The Fund’s Adviser seeks to fulfil the Fund’s investment objective by using two income strategies: (1) an interest income strategy and (2) an income generating option strategy. “Enhanced Income” in the Fund’s name refers to the strategy goal of producing additional income though options that enhances the Fund’s interest income.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i><span style="text-decoration: underline">Interest Income Strategy</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The Fund invests primarily in interest income producing U.S. Treasury securities such as bills, notes, and bonds and fixed income ETFs that invest primarily in U.S. Treasuries. The Fund targets an average securities portfolio duration of two years or less but does not restrict individual security maturity. Duration is a measure of the price sensitivity of a debt instrument when interest rates change. For example, if a note has a duration of 1 year, a 1% rise in rates would result in a 1% decline in price. The Adviser selects securities to maximize portfolio yield within the current duration target and the Adviser sells securities primarily to adjust portfolio duration. The Adviser may invest in affiliated money market ETFs to manage liquidity or to pledge as collateral for derivatives.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i><span style="text-decoration: underline">Income Generating Option Strategy</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">To generate additional income, the Fund employs an exchange traded and over-the-counter (“OTC”) option spread writing strategy on equity, fixed income, volatility, commodity, and currency ETFs and exchange traded products (“ETPs”). The Adviser focuses on index-based domestically-traded ETFs, for example, such as those linked to the S&amp;P 500^® Index or the Bloomberg US Aggregate Bond Index. The Adviser selects equity ETFs holding stocks of any market capitalization and fixed income ETFs holding securities of any maturity or credit quality. A call option gives the owner the right, but not the obligation, to buy an ETF 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 an ETF at a specified price (strike price) within a specific time period. By selling put and call options in return for the receipt of premiums (the purchase price of an option), the Adviser attempts to increase Fund income as the passage of time decreases the value of the written options. Gains from written option premiums are capital gains, but commonly referred to as income. The option writing strategy is a form of leveraged investing. The Adviser focuses on writing short-term options with less than one-month to maturity because their value erodes faster than long-term options.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Call Spread Sub-Strategy</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">When the Adviser believes an ETF’s price will decrease, remain unchanged, or only increase slightly it employs a call spread strategy. In a call option spread, the Fund sells (writes) an out of the money (above current market price) call option while also purchasing a further out of the money call option.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Put Spread Sub-Strategy</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">When the Adviser believes an ETF’s price will increase, remain unchanged, or only decrease slightly it employs a put spread strategy. In a put option spread, the Fund sells (writes) an out of the money (below current market price) put option while also purchasing a further out of the money put option.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The Adviser expects the written options to expire worthless, but purchases lower-cost further out of the money options to insulate the Fund from large losses if the written options increase in value. The Adviser expects options to be held to expiration, but may adjust positions following a large (over 10%) price swing in an option’s reference ETF.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">When writing options, the Fund is required to post collateral to assure its performance to the option buyer. The Fund will hold cash and cash-like instruments or high-quality short term fixed income securities (collectively, “Collateral”). The Collateral may consist of (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds (including affiliated money market ETFs); (3) fixed income ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by companies that are rated investment grade or of comparable quality. The Adviser considers an unrated security to be of comparable quality to a security rated investment grade if it believes it has a similar low risk of default.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><span id="xdx_904_eoef--StrategyPortfolioConcentration_c20261028__20261028__dei--LegalEntityAxis__custom--S000077868Member_zajS5EcO0xsg">The Fund expects to gain exposure to certain options markets by investing up to 25% of its assets in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”).</span> The Subsidiary is advised by the Fund’s investment adviser. Unlike the Fund, the Subsidiary is not an investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund’s investment in the Subsidiary is intended to provide the Fund with exposure to options markets in accordance with applicable rules and regulations.</p> The Fund expects to gain exposure to certain options markets by investing up to 25% of its assets in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). <p id="xdx_A88_eoef--RiskTextBlock_zqhLROi88e6a" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Principal Investment Risks: </b><i><span id="xdx_908_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000077868Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zcZ3WTGnHlq5">As with all funds, there is the risk that you could lose money through your investment in the Fund.</span> Many factors affect the Fund’s NAV and price of shares and performance.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The following describes the principal risks the Fund bears with respect to its investments. <span id="xdx_909_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000077868Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zBxld82LvME2">As with any fund, there is no guarantee that the Fund will achieve its goal.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 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. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_z7HRAphtb0Y2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Active Management Risk. </i>The Fund is subject to the risk that the investment management strategy may not produce the intended results and may negatively impact Fund performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z708AXuOvIDi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Derivatives Risk.</i> 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 fulfil 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionRiskMember_zu6Mb0jsnBRj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Option Risk.</i> As the buyer of a put or call option, the Fund risks losing the entire premium invested in the option if the Fund does not exercise the option. Spread writing exposes the Fund to losses up to the amount between strike prices of the purchased option and the written option.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuriesRiskMember_zvIwTgblGgWc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>U.S. Treasuries Risk. </i>U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommodityRiskMember_z8uBwOYWYJig" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Commodity Risk.</i> Investments linked to commodity derivatives can be highly volatile compared to investments in traditional securities, and funds holding instruments linked to commodity derivatives may experience large losses. The value of instruments linked to commodity derivatives may be affected by market movements, commodity benchmarks, volatility, changes in interest rates, or factors affecting a particular industry, or commodity.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zeaUuHQWSNOe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Currency Risk</i>. The Fund holds investments that provide exposure to certain currencies, currency exchange rates or interest rates denominated in such currencies. Changes in currency exchange rates and the relative value of currencies will affect the value of the Fund’s investment and the value of Fund shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and your investment in the Fund may experience losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zbsPn0McU0Wd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Counterparty Risk. </i>Counterparty risk is the risk that a counterparty to a financial instrument held by the Fund or by a special purpose or structured vehicle invested in by the Fund may become insolvent or otherwise fail to perform its obligations, and the Fund may obtain no or limited recovery of its investment, and any recovery may be significantly delayed.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zRSgDAslk034" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Early Close/Trading Halt Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfStructureRisksMember_zU2L5GaaAnBe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>ETF Structure Risks: </i>The Fund is structured as an ETF and may invest in underlying ETFs. As a result, the Fund is subject to special risks, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Not Individually Redeemable</i>. The Fund’s shares (“Shares”) are not redeemable by retail investors and may be redeemed only by 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Trading Issues</i>. 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Market Price Variance Risk</i>. 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 in 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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 Shares’ NAV.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">The market price of the Shares may deviate from NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Shares than NAV, which is reflected in the bid and ask price for the Shares or in the closing price.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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 NAV.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Authorized Participant Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zRiMmuXyGGqi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Fixed Income Securities Risk. </i>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). Below investment grade debt (commonly known as junk bonds) is subject to heighted credit risk. These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_z1fBxHUnqojf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Leverage Risk.</i> The use of leverage by the Fund, such as through the use of options, will cause the Fund to incur additional expenses and magnify the Fund’s gains or losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zXmntBDeJ6p4" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Market and Geopolitical Risk. </i>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, natural disasters, climate change or climate related events, pandemics, epidemics, terrorism, international conflicts and wars, 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--OverthecounterMarketRiskMember_zNfET9FVdq0i" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Over-the-Counter Market Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SubsidiaryInvestmentRiskMember_zSwMRsdzSegh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Subsidiary Investment Risk.</i> Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary are organized, respectively, could result in the inability of the Fund to operate as intended and could negatively affect the Fund and its shareholders. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. Thus, the Fund, as an investor in the Subsidiary, will not have all the protections offered to investors in registered investment companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundRiskMember_ziBvGs2N6B9j" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Underlying Fund Risk. </i> ETFs, ETPs and money market funds 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, ETPs and money market funds and may be higher than other mutual funds that invest directly in stocks and bonds. Each of the ETFs and ETPs 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--AffiliatedMoneyMarketETFConflictOfInterestRiskMember_zaqNqag8DJFd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Affiliated Money Market ETF Conflict of Interest Risk.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--VolatilityRiskMember_zdjhwbMqIVC4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Volatility Risk</i>. Significant short-term price movements could adversely impact the performance of the Fund. The Fund’s performance may be volatile, which means that the Fund’s performance may be subject to substantial short-term changes up or down.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TurnoverRateRiskMember_zRHtgHRTKuvh" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Turnover Rate Risk. </i>The Fund may have portfolio turnover rates significantly in excess of 100%. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund’s performance and may produce increased taxable distributions.</p> <p id="xdx_A89_eoef--PerformanceNarrativeTextBlock_zENaWhEPhoWl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Performance: </b><span id="xdx_908_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20261028__20261028__dei--LegalEntityAxis__custom--S000077868Member_z58xeI4TS2Kh">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 and two additional indices.</span> The Capital U.S. Corporate High Yield Index tracks U.S. high-yield corporate bonds and is included as a performance benchmark that reflects higher-income credit characteristics relevant to the Fund’s enhanced income strategy. The ICE BofA 3 Month US Treasury Bill Index represents short-duration Treasury bills and is included as a performance benchmark reflecting the cash-equivalent baseline for the Fund’s income generation approach. <span id="xdx_906_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000077868Member_zJAyvn606rTc">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </span>Updated performance information is available at no cost by visiting <span id="xdx_90E_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000077868Member_zEBRSJi2ReAl"><span style="text-decoration: underline">www.simplify.us/etfs</span> </span>or by calling <span id="xdx_907_eoef--PerformanceAvailabilityPhone_c20261028__20261028__dei--LegalEntityAxis__custom--S000077868Member_zQGaHzXXqvpi">1 (855) 772-8488</span>.</p> 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 and two additional indices. 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 <p id="xdx_A86_eoef--BarChartTableTextBlock_zC8UzqeNDSA1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><img alt="" src="pro-high_001.jpg" style="height: 270px; width: 450px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A84_eoef--BarChartClosingTextBlock_zn71LEPdMzCe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify; text-indent: 0.5in">During the periods shown in the bar chart above, the Fund’s <span id="xdx_90E_eoef--HighestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000077868Member_z5Ob8QZ1Cm21">highest quarterly return</span> was <span id="xdx_907_eoef--BarChartHighestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000077868Member_zCI2ZuG7DL3j">12.40% </span>(quarter ended <span id="xdx_90B_eoef--BarChartHighestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000077868Member_zT2xlzsJ4te3">June 30, 2025</span>) and the Fund’s <span id="xdx_90E_eoef--LowestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000077868Member_zmkf4KEPA0v3">lowest quarterly return</span> was <span id="xdx_90F_eoef--BarChartLowestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000077868Member_zIuexGIlO3a1">-3.38% </span>(quarter ended <span id="xdx_903_eoef--BarChartLowestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000077868Member_zq2XfVvhznqc">March 31, 2025</span>). The calendar <span id="xdx_905_eoef--YearToDateReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000077868Member_zAGcifho0Ffh">year-to-date total return</span> of the Fund as of <span id="xdx_907_eoef--BarChartYearToDateReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000077868Member_zQZinnpqIx3">September 30, 2026</span> was <span id="xdx_900_eoef--BarChartYearToDateReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000077868Member_zzo6OxppOyY">(0.94)%</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zJN44IJ6bSDh" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; 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="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2023</td> <td id="xdx_984_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000238456Member_zCwqrrgl22m9" style="display: none; text-align: center; width: 50%">7.51%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_98C_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000238456Member_zz8mwuNGPGbf" style="display: none; text-align: center">1.77%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_983_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000238456Member_zcfGb46sVv17" style="display: none; text-align: center">4.34%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> highest quarterly return 0.1240 2025-06-30 lowest quarterly return -0.0338 2025-03-31 year-to-date total return 2026-09-30 -0.0094 0.0751 0.0177 0.0434 Average Annual Total Returns for the Periods Ended December 31, 2025 <div id="xdx_A8D_eoef--PerformanceTableTextBlock_ztz9HsMvvcX7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zWcRNkxPum0f" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td colspan="2" id="xdx_49F_20250101__20251231_zrQy7fHsnuzc" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td colspan="2" id="xdx_49D_20221027__20251231_z8XXA3CrauK1" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>Since<br/> Inception<br/> (<span id="xdx_904_eoef--PerfInceptionDate_c20261028__20261028__oef--ClassAxis__custom--C000238456Member_zaOLHtPfclxl">10/27/22</span>)</b></span></td> <td style="vertical-align: bottom"> </td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000238456Member_zAyt8KRbFCfh" style="background-color: Gainsboro"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 76%"><span style="font-size: 10pt">Return Before Taxes</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 1%"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 9%; text-align: right"><span style="font-size: 10pt">4.34</span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt">%</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 1%"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 9%; text-align: right"><span style="font-size: 10pt">4.49</span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000238456Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zckGbxv8Ex1j" style="background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt">Return After Taxes on Distributions</span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">1.25</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">1.18</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000238456Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zU28R0cyfsr8" style="background-color: Gainsboro"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">2.58</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">2.04</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000238456Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zzhWacXWFPUa" style="background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt">Bloomberg U.S. Aggregate Bond Index (<span id="xdx_908_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261028__20261028__dei--LegalEntityAxis__custom--S000077868Member_zW5qXBi5GQvb">reflects no deduction for fees, expenses or taxes</span>)</span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span><span style="font-size: 10pt">7.30</span></span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">5.22</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000238456Member__oef--PerformanceMeasureAxis__custom--CapitalUSCorporateHighYieldIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zpJpEAhy6TUe" style="background-color: Gainsboro"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Capital U.S. Corporate High Yield Index (reflects no deduction for fees, expenses or taxes)</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">8.62</td> <td style="vertical-align: bottom">%</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">10.02</td> <td style="vertical-align: bottom">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000238456Member__oef--PerformanceMeasureAxis__custom--ICEBofA3MonthUSTreasuryBillIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zZcNAklelrHl" style="background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">ICE BofA 3 Month US Treasury Bill Index (<span id="xdx_909_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261028__20261028__dei--LegalEntityAxis__custom--S000077868Member_zkM2Dul5icT1">reflects no deduction for fees, expenses or taxes</span>)</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">4.18</td> <td style="vertical-align: bottom">%</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">4.77</td> <td style="vertical-align: bottom">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> 2022-10-27 0.0434 0.0449 0.0125 0.0118 0.0258 0.0204 reflects no deduction for fees, expenses or taxes 0.0730 0.0522 0.0862 0.1002 reflects no deduction for fees, expenses or taxes 0.0418 0.0477 <p id="xdx_A89_eoef--PerformanceTableClosingTextBlock_zjINuSvc4LX" style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span id="xdx_90C_eoef--PerformanceTableUsesHighestFederalRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000077868Member_zV3NJrpxUfqh">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.</span> <span id="xdx_905_eoef--PerformanceTableNotRelevantToTaxDeferred_c20261028__20261028__dei--LegalEntityAxis__custom--S000077868Member_zKYlFOxF3XN9">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.</span></p> 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. FUND SUMMARY – SIMPLIFY GOLD STRATEGY ETF <p id="xdx_A83_eoef--ObjectivePrimaryTextBlock_zRTijzKKqOji" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Investment Objective: </b>The Simplify Gold Strategy ETF (the “Fund” or “YGLD”) seeks income and capital appreciation.</p> <p id="xdx_A88_eoef--ExpenseNarrativeTextBlock_zCz7c2pfs25k" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fees and Expenses of the Fund: </b>This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table or example below.</b></p> <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_z3HAPzGV4JX6"></div> <table cellpadding="3" cellspacing="0" id="xdx_A53_dU_zX9MCvD2UBcl" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 80%; margin-right: auto; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom; background-color: gainsboro"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; width: 65%"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses<br/> </b>(expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_49D_20261028__20261028__dei--LegalEntityAxis__custom--S000088355Member__oef--ClassAxis__custom--C000254611Member_zgFLj58kZTHc" style="border: black 1pt solid; vertical-align: bottom; text-align: center; width: 15%"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zWWXTIYvMHYh"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: top"><span style="font-size: 10pt">Management Fees</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.50%</span></td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zbzrVIiD50H3"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: top"><span style="font-size: 10pt">Distribution and Service (12b-1) Fees </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_400_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zKchHELC47Wh"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: top">Acquired Fund Fees and Expenses<sup id="xdx_F4C_zqF57uXfC8i7">(1)</sup></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center">0.08%</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zhBjCB1zNuNe"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: top"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F4A_zqpOVSLIcv22">(2)</sup></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.01%</span></td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_z9qoeHz7o5L6"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: top"><span style="font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.59%</span></td></tr> <tr id="xdx_404_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zZC9GuRn8KG8"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: top">Fee Waiver<sup id="xdx_F42_zR3GXyMBEigb">(3)</sup></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center">(0.05)%</td></tr> <tr id="xdx_404_eoef--NetExpensesOverAssets_dpn_z46Dg2qO1f9e"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: top">Total Annual Fund Operating Expenses After Fee Waiver</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center">0.54%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto;width: 80%"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F03_zhpBuUJoL9S1" style="text-align: left">(1)</td> <td id="xdx_F1E_zP40XA5yYDvh" 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> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F0E_zCwbp1jWd8Yi" style="width: 0.25in; text-align: left">(2)</td> <td id="xdx_F11_z92ZAcgWFlGe" style="text-align: justify"> Other Expenses includes interest expenses of 0.01%.</td> </tr> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F03_zFFXvSElJib3" style="text-align: left">(3)</td> <td id="xdx_F12_zz4OVAyId0h2" style="text-align: justify"> The Fund’s adviser has contractually agreed, through at least <span id="xdx_907_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20261028__20261028__dei--LegalEntityAxis__custom--S000088355Member_zJeNVJZfm4bh">October 31, 2027</span>, to waive its management fees to 0.45% of the Fund’s average daily net assets. This agreement may be terminated only by the Trust’s Board of Trustees on 60 days’ written notice to the Fund’s adviser.</td></tr> </table> 0.0050 0.0000 0.0008 0.0001 0.0059 -0.0005 0.0054 October 31, 2027 <p id="xdx_A80_eoef--ExpenseExampleNarrativeTextBlock_z5cGmZE93R3d" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Example: </i></b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">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. The Example further assumes that the Fund’s fee waiver agreement will only be in place for the term specified above. <span id="xdx_90B_eoef--ExpenseExampleByYearCaption_c20261028__20261028__dei--LegalEntityAxis__custom--S000088355Member_zxz7REYt3ZY2">Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span></p> Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_zGuDfIfST3ui"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zlrQKI8x4T6" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom; background-color: gainsboro"> <td id="xdx_481_eoef--ExpenseExampleYear01_zuy2sqWg7FK5" style="border-bottom: black 1pt solid; width: 12%; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_484_eoef--ExpenseExampleYear03_zNCohSmP6029" style="border-bottom: black 1pt solid; width: 13%; text-align: center"><span style="font-size: 10pt"><b>3 Years</b></span></td> <td id="xdx_483_eoef--ExpenseExampleYear05_zFIxPbH7P5Ah" style="border-bottom: black 1pt solid; width: 13%; text-align: center"><span style="font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_48E_eoef--ExpenseExampleYear10_zcHqKPMJt1F5" style="border-bottom: black 1pt solid; width: 12%; text-align: center"><span style="font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_41B_20261028__20261028__dei--LegalEntityAxis__custom--S000088355Member__oef--ClassAxis__custom--C000254611Member_zRUn19wQWRci" style="vertical-align: top"> <td style="text-align: center"><span style="font-size: 10pt">$55</span></td> <td style="text-align: center"><span style="font-size: 10pt">$183</span></td> <td style="text-align: center"><span style="font-size: 10pt">$323</span></td> <td style="text-align: center"><span style="font-size: 10pt">$729</span></td></tr> </table> 55 183 323 729 <p id="xdx_A82_eoef--PortfolioTurnoverTextBlock_zIgJuSOZY1Nc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b><i>Portfolio Turnover: </i></b>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 <span id="xdx_901_eoef--PortfolioTurnoverRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000088355Member_zvWy1YGFnpFb">0%</span> of the average value of its portfolio.</p> 0 Principal Investment Strategies:   The Fund is an actively managed ETF. Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in instruments that together have economic characteristics substantially similar to an investment in gold. The Adviser seeks to fulfill the Fund’s investment objective by using two strategies: (1) a gold strategy, and (2) an income generating strategy. The Fund’s 80% policy is non-fundamental and can be changed without shareholder approval.   Gold Strategy   The Adviser seeks capital appreciation through a gold strategy. Under normal market conditions, at the start of each quarter, the Adviser selects gold related instruments so that the total value of economic exposure to gold is approximately 100% to 200% of the net assets of the Fund. The Adviser uses a proprietary economic model to establish gold exposure along the 100% to 200% continuum. The proprietary model uses historical data to identify price and volatility trends and then predict current market behavior. The Adviser increases or decreases gold exposure based on the direction of the trends. The Adviser expects to adjust this exposure quarterly. However, the Adviser will rebalance more frequently, if needed, to comply with the Investment Company Act of 1940 and its regulations related to derivatives. The gold related instruments in which the Fund invests are gold futures, US exchange-traded products with direct exposure to gold (“Gold ETPs”), US exchange-traded funds with indirect exposure to gold primarily through gold futures, options, or other derivative instruments (“Gold ETFs”), and options and swaps linked to Gold ETFs and Gold ETPs as well as swaps and options on gold. The Adviser selects the instrument or instruments it believes present the most economically efficient means to capture gold returns. The Adviser may reallocate among instruments when one becomes more economically efficient.   Gold Futures and Swaps   Gold futures are intended to track, although not lockstep, the price of gold. The Fund invests in standardized gold futures contracts traded on commodity exchanges registered with the Commodity Futures Trading Commission, such as the Commodity Exchange Inc. (commonly known as COMEX), which is a part of the Chicago Mercantile Exchange Group. The value of gold futures is determined by reference to 100 troy ounces of gold subject to an assay minimum of 995 fineness (i.e. 99.5% pure). The Adviser invests primarily in front-month gold futures. Front-month gold futures contracts are those contracts with the shortest time to maturity. The Adviser will roll futures contracts prior to their expiration into a contract with a longer maturity, although this does not produce rebalancing.   The Fund may also gain exposure to gold by entering into swap agreements that use gold, a Gold ETF or Gold ETP as the reference asset. A swap agreement is a two-party contract entered into primarily by institutional investors for periods ranging from a day to more than one year. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The swap agreements entered into by the Fund may provide exposure to a single Gold ETF and/or Gold ETP, multiple Gold ETPs and/or Gold ETFs, or solely to gold. The particular Gold ETF or Gold ETP used as the reference asset for one or more of the Fund’s swap agreements may change at any time based on a variety of factors, including market conditions, counterparty terms, and the liquidity, performance, and fees of those Gold ETFs and Gold ETPs.   Gold ETPs and Gold ETFs   Gold ETPs are investment vehicles that track the price of gold by directly holding actual gold (called “spot”) as their underlying asset while Gold ETFs primarily invest in gold futures, options, swaps, or other derivative instruments to gain exposure to gold. The Gold ETPs and Gold ETFs trade on a U.S.-regulated securities exchange. Unlike Gold ETFs, Gold ETPs are not registered as investment companies under the Investment Company Act of 1940, as amended (the “1940 Act”). The Adviser selects specific Gold ETPs and Gold ETFs that it believes offer sufficient liquidity and relatively low expenses. The Fund is an actively managed ETF. Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in instruments that together have economic characteristics substantially similar to an investment in gold. The Fund expects to gain exposure to certain gold related instruments such as futures and certain options markets by investing up to 25% of its assets in a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”) <p id="xdx_A80_eoef--RiskTextBlock_zu1pRORK6bfl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Principal Investment Risks: </b><i><span id="xdx_90C_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000088355Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zMekLutdxUt6">As with all funds, there is the risk that you could lose money through your investment in the Fund.</span> Many factors affect the Fund’s net asset value and price of shares and performance.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following describes the principal risks the Fund bears with respect to its investments. <span id="xdx_903_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000088355Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zZnTrhFZXRHj">As with any fund, there is no guarantee that the Fund will achieve its goal.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 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. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--GoldRiskMember_z2AV7tNaF6ii" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Gold Risk</i>. The price of gold may be volatile and gold futures contracts may be highly sensitive to the price of gold. The price of gold can be significantly affected by international monetary and political developments such as currency devaluation or revaluation, central bank movements, economic and social conditions within a country, transactional or trade imbalances, or trade or currency restrictions between countries. Gold prices may be influenced by the fact that physical gold has sales commission, storage, insurance, and auditing expenses, which may tend to reduce trading and liquidity.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--GoldFuturesRiskMember_zjMRGcOMpcZk" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><i>Gold Futures Risk.</i> The Fund’s use of gold futures involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Investments in futures involve leverage, which means a small percentage of assets invested in futures can have a disproportionately large impact on the Fund. This risk could cause the Fund to lose more than the principal amount invested. Futures contracts may become mispriced or improperly valued when compared to the Adviser’s expectation and may not produce the desired investment results. Additionally, changes in the value of futures contracts may not track or correlate perfectly with the underlying gold bullion due to factors such as temporary, or even long-term, supply and demand imbalances, speculation, or other pressures on the market. Futures exchanges may impose daily or intra-day price change limits and/or limit the volume of trading.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundRiskMember_zS6w3jjozjsg" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><i>Underlying Fund Risk.</i> ETFs and ETPs 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 ETPs and may be higher than other funds that invest directly in stocks and bonds. Each of the ETFs and ETPs is subject to its own gold-related specific risks, but the Adviser expects the principal investments risks of such ETFs and ETPs will be similar to the risks of investing in the Fund. The Gold ETPs in which the Fund invests are not registered, nor are they required to be registered, as investment companies subject to the 1940 Act and, therefore, are not subject to the regulatory scheme of the 1940 Act.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zK8yBCt8UoTi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Derivatives Risk. </i>Options and gold futures are derivative investments. 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 fulfil 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> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="text-align: justify; width: 0.25in"></td> <td style="width: 0.25in; text-align: justify">●</td> <td style="text-align: justify"><i>Options Risk.</i> Buying and selling (writing) options are speculative activities and entail greater than ordinary investment risks. Options enable the Fund to purchase exposure that is significantly greater than the premium paid. Consequently, the value of such options can be volatile, and a small investment in options can have a large impact on the performance of the Fund. The Fund risks losing all or part of the cash paid (premiums) for purchasing options. Even a small decline in the value of a reference asset underlying call options or a small increase in the value of a reference asset underlying put options can result in the entire investment in such options being lost. The Fund’s options also may fail to track the performance of their underlying reference asset, which may limit the effectiveness of the Fund’s strategy. The potential loss from written options can exceed the Fund’s initial investment in such options and could be unlimited. As a seller (writer) of a put option, the Fund will tend to lose money if the value of the reference index or security falls below the strike price. As the seller (writer) of a call option, the Fund will tend to lose money if the value of the reference index or security rises above the strike price. As the buyer of a put or call option, the Fund risks losing the entire premium invested in the option if the Fund does not exercise the option.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="text-align: justify; width: 0.25in"></td> <td style="width: 0.25in; text-align: justify">●</td> <td style="text-align: justify"><i>Swaps Risk.</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_z7Gdy5jsnCnl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Active Management Risk. </i>The Fund is subject to the risk that its investment management strategy may not produce the intended results and may negatively impact Fund performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashOrCashEquivalentsRiskMember_zstvg5ZhTA3h" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Cash or Cash Equivalents Risk.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--AffiliatedMoneyMarketETFConflictOfInterestRiskMember_zxELx6oFWUNi" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><i>Affiliated Money Market ETF Conflict of Interest Risk.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zFNtoOYQJIl3" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><i>Concentration Risk.</i> The Fund’s net asset value may fluctuate more than that of a fund that does not hold the economic equivalent of more than 25% of its net assets in gold futures contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zIsTGrgzN6X4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Counterparty Risk. </i>Counterparty risk is the risk that a counterparty to a financial instrument held by the Fund may become insolvent or otherwise fail to perform its obligations, and the Fund may obtain no or limited recovery of its investment, and any recovery may be significantly delayed.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zmysMzmhvWN4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Early Close/Trading Halt Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfStructureRiskMember_z6UGnctH85j4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>ETF Structure Risk. </i>The Fund is structured as an ETF. As a result, the Fund is subject to special risks, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify"><i>Not Individually Redeemable.</i> The Fund’s shares (“Shares”) are not redeemable by retail investors and may be redeemed only by 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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> <td style="vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><i>Trading Issues</i>. Trading in Shares on 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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> <td style="vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><i>Market Price Variance Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.75in; text-align: right; vertical-align: top"></td> <td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">○</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in">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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.75in; text-align: right; vertical-align: top"></td> <td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">○</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in">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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.75in; text-align: right; vertical-align: top"></td> <td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">○</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in">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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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> <td style="vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><i>Authorized Participant Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zfRPe4TKUxph" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Fixed Income Securities Risk. </i>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_z6ObgI5GkH59" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Leverage Risk.</i> The use of leverage by the Fund, such as through the use of options, will cause the Fund to incur additional expenses and magnify the Fund’s gains or losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zyAp5VEFBFb" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><i>Market and Geopolitical Risk</i>. 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, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts and wars, 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedFundRiskMember_zTrZBoIHkMYh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Non-Diversified Fund Risk. </i><span id="xdx_907_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000088355Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zCEpYrjtX1dd">Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--OverthecounterMarketRiskMember_zw9MNXCwm4mk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Over-the-Counter Market Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SubsidiaryInvestmentRiskMember_zXchlwSM0g9h" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Subsidiary Investment Risk.</i> Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary are organized, respectively, could result in the inability of the Fund to operate as intended and could negatively affect the Fund and its shareholders. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. Thus, the Fund, as an investor in the Subsidiary, will not have all the protections offered to investors in registered investment companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TurnoverRateRiskMember_ziR0DyqAq3jc" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><i>Turnover Rate Risk.</i> The Fund may have portfolio turnover rates significantly in excess of 100%. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund’s performance and may produce increased taxable distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryAndAgencyMarketRiskMember_zPr816gP8T7k" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>U.S. Treasury and Agency Market Risk. </i>The U.S. Treasury and agency market can be volatile, and the value of instruments correlated with these markets may fluctuate dramatically from day to day. U.S. Treasury and agency obligations may provide relatively lower returns than those of other securities. Similar to other debt instruments, U.S. Treasury and agency obligations are subject to debt instrument risk and interest rate risk. In addition, changes to the financial condition or credit rating of the U.S. Government may cause the value of U.S. Treasury and agency obligations to decline.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--VolatilityRiskMember_znZqBDyWBvpj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Volatility Risk</i>. Significant short-term price movements could adversely impact the performance of the Fund. The Fund’s performance may be volatile, which means that the Fund’s performance may be subject to substantial short-term changes up or down.</p> <p id="xdx_A82_eoef--PerformanceNarrativeTextBlock_zcSEh3QquJMf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Performance: </b><span id="xdx_90A_eoef--PerformanceOneYearOrLess_c20261028__20261028__dei--LegalEntityAxis__custom--S000088355Member_zShD4HEe8HWi">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.</span> <span id="xdx_903_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000088355Member_zZLDewvS72I2">The table shows how the Fund’s average annual total returns compare to those of a broad-based securities market index and an additional index. The additional index, Solactive Gold Spot Index, tracks the U.S. dollar price of gold and is included as a performance benchmark that reflects the Fund’s core gold exposure component. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information is available at no cost by visiting <span id="xdx_90A_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000088355Member_zhXBxGA0x3Lf"><span style="text-decoration: underline">www.simplify.us/etfs</span></span> or by calling <span id="xdx_906_eoef--PerformanceAvailabilityPhone_c20261028__20261028__dei--LegalEntityAxis__custom--S000088355Member_zDTTRPn5I9F7">1 (855) 772-8488</span>.</p> 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 and an additional index. The additional index, Solactive Gold Spot Index, tracks the U.S. dollar price of gold and is included as a performance benchmark that reflects the Fund’s core gold exposure component. 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 <p id="xdx_A86_eoef--BarChartTableTextBlock_zPCkKvKNhb32" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="pro-slge_001.jpg" style="height: 270px; width: 450px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zrjkIOusGoL1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2025</td> <td id="xdx_987_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000254611Member_z3Ay1yQtz1A9" style="display: none; width: 50%">101.59%</td></tr> </table> 1.0159 <p id="xdx_A87_eoef--BarChartClosingTextBlock_zORyNfVZDRH" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the periods shown in the bar chart above, the Fund’s <span id="xdx_907_eoef--HighestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000088355Member_zosX2mbasw3d">highest quarterly return</span> was <span id="xdx_903_eoef--BarChartHighestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000088355Member_zt5s9n81ZmOb">21.44%</span> (quarter ended <span id="xdx_90C_eoef--BarChartHighestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000088355Member_zYpuNpoUym54">March 31, 2025</span>) and the Fund’s <span id="xdx_906_eoef--LowestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000088355Member_zNMMCCfjmpQd">lowest quarterly return</span> was <span id="xdx_906_eoef--BarChartLowestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000088355Member_zK76y6Ltrt88">14.72%</span> (quarter ended <span id="xdx_90B_eoef--BarChartLowestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000088355Member_zM51BV8hEe9i">December 31, 2025</span>). The calendar <span id="xdx_90A_eoef--YearToDateReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000088355Member_zfUkSYXCT8g1">year-to-date total return</span> of the Fund as of <span id="xdx_90C_eoef--BarChartYearToDateReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000088355Member_zyyomxYOc1N4">September 30, 2026</span> was <span id="xdx_903_eoef--BarChartYearToDateReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000088355Member_z1XIkHaxab2l">(20.38)%</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> highest quarterly return 0.2144 2025-03-31 lowest quarterly return 0.1472 2025-12-31 year-to-date total return 2026-09-30 -0.2038 Average Annual Total Returns for the Periods Ended December 31, 2025 <div id="xdx_A85_eoef--PerformanceTableTextBlock_zD97E3GPcAXd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zPFrA2BFAlka" 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: bottom; font-size: 10pt; text-align: center"> </td> <td style="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" id="xdx_499_20250101__20251231_zP1MUICpMEra" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center">1 Year</td> <td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold; vertical-align: bottom"> </td> <td style="text-align: center; font-size: 10pt; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" id="xdx_498_20241202__20251231_zFxIfN0qiVv2" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: center">Since<br/> Inception<br/> (<span id="xdx_90F_eoef--PerfInceptionDate_c20261028__20261028__oef--ClassAxis__custom--C000254611Member_zfaBUMtBWKLl">12/2/24</span>)</td> <td style="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold; vertical-align: bottom"> </td> </tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000254611Member_zIlbsbmwQoU4" style="vertical-align: bottom; background-color: Gainsboro"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; font-size: 10pt; text-align: left; padding-bottom: 1pt">Return Before Taxes</td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 9%; font-size: 10pt; text-align: right">101.59</td> <td style="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 9%; font-size: 10pt; text-align: right">84.09</td> <td style="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">%</td> </tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000254611Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zb5tAvePbiv5" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-size: 10pt; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">90.65</td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">74.81</td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">%</td> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000254611Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zH6l22eNfaCe" style="vertical-align: bottom; background-color: Gainsboro"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-size: 10pt; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">59.95</td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">60.36</td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">%</td> </tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000254611Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_zlHFzomnBCI5" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-size: 10pt; text-align: left; padding-bottom: 1pt">Bloomberg U.S. Aggregate Bond Index (<span id="xdx_903_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261028__20261028__dei--LegalEntityAxis__custom--S000088355Member_zhjPIxtcxaaa">reflects no deduction for fees, expenses or taxes</span>)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="font-size: 10pt;">7.30</span></td> <td style="padding-bottom: 0.5pt; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><span style="font-size: 10pt;">5.06</span></td> <td style="padding-bottom: 0.5pt; font-size: 10pt; text-align: left">%</td> </tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000254611Member__oef--PerformanceMeasureAxis__custom--SolactiveGoldSpotIndexERUSDIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zBILvYFw75P1" style="vertical-align: bottom; background-color: Gainsboro"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; font-size: 10pt; text-align: left; padding-bottom: 1pt">Solactive Gold Spot Index ER USD Index (reflects no deduction for fees, expenses or taxes)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">64.41</td> <td style="padding-bottom: 0.5pt; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">57.71</td> <td style="padding-bottom: 0.5pt; font-size: 10pt; text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> 2024-12-02 1.0159 0.8409 0.9065 0.7481 0.5995 0.6036 reflects no deduction for fees, expenses or taxes 0.0730 0.0506 0.6441 0.5771 <p id="xdx_A81_eoef--PerformanceTableClosingTextBlock_zWE3trlTddP2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span id="xdx_909_eoef--PerformanceTableUsesHighestFederalRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000088355Member_zDrijwKPIok7">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.</span> <span id="xdx_902_eoef--PerformanceTableNotRelevantToTaxDeferred_c20261028__20261028__dei--LegalEntityAxis__custom--S000088355Member_zBfXqynhHsPh">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.</span></p> 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. FUND SUMMARY – SIMPLIFY GOVERNMENT MONEY MARKET ETF <p id="xdx_A8D_eoef--ObjectivePrimaryTextBlock_zE0K0vzA9udj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment Objective:</b> The Simplify Government Money Market ETF (the “Fund” or “SBIL”) seeks current income as is consistent with liquidity and stability of principal.</span></p> <p id="xdx_A85_eoef--ExpenseNarrativeTextBlock_zhYzJ0KHsJ67" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fees and Expenses of the Fund:</b> This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table or example below</b>.</span></p> <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_z5sPM6eDcxpf"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5A_dU_zXPxCO3I1Jgk" 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="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: gainsboro"> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 65%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses<br/> </b>(expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_493_20261028__20261028__dei--LegalEntityAxis__custom--S000093622Member__oef--ClassAxis__custom--C000262018Member_zKX49rud45gf" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zE80TzgLyDl4" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">Management Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.15%</span></td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zEiRiBn5Sgz3" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and Service (12b-1) Fees </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zzXmXD9iHYx3" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zFZReoRbygq1" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.15%</span></td></tr> </table> 0.0015 0.0000 0.0000 0.0015 <p id="xdx_A82_eoef--ExpenseExampleNarrativeTextBlock_zhhJLcnWpEch" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Example: </i></b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. <span id="xdx_905_eoef--ExpenseExampleByYearCaption_c20261028__20261028__dei--LegalEntityAxis__custom--S000093622Member_zrmMK9HwI2q9">Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span></span></p> Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_zOhc5tFKr359"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro"> <td id="xdx_482_eoef--ExpenseExampleYear01_zuNjs3Trr893" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_48C_eoef--ExpenseExampleYear03_zEymHLy8xKx7" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 13%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td> <td id="xdx_488_eoef--ExpenseExampleYear05_zVsfnmdyaM98" style="border-bottom: Black 1pt solid; text-align: center; width: 13%"><b>5 Years</b></td> <td id="xdx_48B_eoef--ExpenseExampleYear10_zqHACBeU7uCi" style="border-bottom: Black 1pt solid; text-align: center; width: 12%"><b>10 Years</b></td></tr> <tr id="xdx_417_20261028__20261028__dei--LegalEntityAxis__custom--S000093622Member__oef--ClassAxis__custom--C000262018Member_zzoqusme8W8g" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$15</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$48</span></td> <td style="text-align: center">$85</td> <td style="text-align: center">$192</td></tr> </table> 15 48 85 192 Principal Investment Strategies: <p id="xdx_A89_eoef--StrategyNarrativeTextBlock_zAAGlcM9QMJf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund operates as a “government money market fund” pursuant to Rule 2a-7 under the Investment Company Act of 1940, as amended, and is subject to related restrictions on its portfolio composition. Consequently, the Fund invests at least 99.5% of its total assets in (i) cash, (ii) U.S. Government securities, and (iii) repurchase agreements fully collateralized by such obligations or cash. Additionally, the Fund invests in securities maturing in 397 days or less and maintains a portfolio dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less. <span id="xdx_902_eoef--StrategyPortfolioConcentration_c20261028__20261028__dei--LegalEntityAxis__custom--S000093622Member_zYfbBA5F3Si2">Furthermore, the Fund will hold securities that are sufficiently liquid to meet reasonably foreseeable shareholder redemptions and maintain at least 25% of its total assets in “daily” liquid assets and at least 50% of its total assets in “weekly” liquid assets.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S. Government securities are obligations issued or guaranteed as to principal or interest by the U.S. Government, its agencies or instrumentalities. Certain obligations that are issued by U.S. government agencies or instrumentalities (also referred to as government sponsored enterprises or GSEs, which have been created under Congressional charter) are not fully guaranteed by the U.S. Treasury. For example, debt issued by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks are not supported by the full faith and credit of the United States. The maturity of certain variable and floating rate instruments is measured by reference to the next interest rate reset date rather than the absolute maturity of the instrument. The Fund may transact in securities on a when-issued, delayed delivery or forward commitment basis.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIEludmVzdG1lbnQgU3RyYXRlZ3kA" id="xdx_905_efnd--NmRule35d1EightyPctInvstmntPlcyTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000093622Member_z15yd7pyry2g">Additionally, the Fund invests, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in U.S. Government securities.</span> For this purpose, U.S. Government securities are as defined above plus repurchase agreements fully collateralized by U.S. Government securities. This 80% policy is a non-fundamental policy and the Fund will not change it without providing shareholders with at least 60 days’ prior notice.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s Board of Trustees has determined that the Fund will qualify as a “government money market fund” pursuant to Rule 2a-7. Many U.S. government money market instruments pay income that is generally exempt from state and local income tax, although they may be subject to corporate franchise tax in some states.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may invest a significant percentage of its assets in repurchase agreements. Repurchase agreements are transactions in which the Fund purchases government securities and simultaneously commits to resell them to the same counterparty at a future time and at a price reflecting a market rate of interest. The Fund expects to focus initially in overnight repurchase agreements. However, in the future, the Fund may invest in repurchase agreements with longer maturities. Income from repurchase agreements may not be exempt from state and local income taxation. Repurchase agreements often offer a higher yield than investments directly in government securities. The Fund does not charge a liquidity fee on redemptions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>Although the Fund will seek to continue to qualify as a “government money market fund,” it will not seek to maintain a stable net asset value (“NAV”) per share using the amortized cost or penny rounding method of valuation. Instead, the Fund will calculate its NAV per share based on the market value of its investments. In addition, unlike a traditional money market fund, the Fund operates as an exchange traded fund (“ETF”). As an ETF, the Fund’s shares will be traded on NYSE Arca, Inc. (“NYSE Arca”) and will generally fluctuate in accordance with changes in NAV per share as well as the relative supply of, and demand for, shares on NYSE Arca.</b></span><b> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>You could lose money by investing in the Fund.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively managed ETF that does not seek to replicate the performance of a specified index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Adviser’s Strategy</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Simplify Asset Management, Inc. is the investment adviser to the Fund and makes the Fund’s investment decisions. The Adviser selects money market instruments for the Fund based on its assessment of relative values and changes in market and economic conditions. The Adviser also considers safety of principal and liquidity in selecting securities for the Fund and thus may not buy securities that offer the highest yield.</span></p> Furthermore, the Fund will hold securities that are sufficiently liquid to meet reasonably foreseeable shareholder redemptions and maintain at least 25% of its total assets in “daily” liquid assets and at least 50% of its total assets in “weekly” liquid assets. Additionally, the Fund invests, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in U.S. Government securities. <p id="xdx_A8D_eoef--RiskTextBlock_zzlMVGQLsTt2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principal Investment Risks:</b> <i><span id="xdx_909_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000093622Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zo8Q2Uhw60E8">As with all funds, there is the risk that you could lose money through your investment in the Fund.</span> Many factors affect the Fund’s net asset value and price of shares and performance. </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following describes the principal risks the Fund bears with respect to its investments. <span id="xdx_901_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000093622Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zYuCV1CMxko4">As with any fund, there is no guarantee that the Fund will achieve its goal.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 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. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestsRateRiskMember_zt0LBAhWVHA1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Interest Rate Risk.</i> Interest rate risk is the risk that the value of a debt security may fall when interest rates rise. In general, the market price of debt securities with longer maturities will go down more in response to changes in interest rates than the market price of shorter-term securities. Due to fluctuations in interest rates, the market value of such securities may vary during the period shareholders own shares of the Fund. Very low interest rates may magnify interest rate risk. During periods of very low interest rates, the Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. The Fund may be subject to a greater risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and may detract from the Fund’s ability to achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryMarketRiskMember_zNhiI1DqtWOb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>U.S. Treasury Market Risk</i>. Direct obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market value of such securities may vary during the period shareholders own shares of the Fund. In addition, notwithstanding that U.S. Treasury obligations are backed by the full faith and credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal, such as reaching the legislative “debt ceiling.” Such non-payment could result in losses to the Fund and substantial negative consequences for the U.S. economy and the global financial system. Changes to the financial condition or credit rating of the U.S. Government may cause the value of U.S. Treasury obligations to decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_z52poIM8M2ve" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>U.S. Government Obligations Risk.</i> Different types of U.S. Government securities have different levels of credit risk depending on the nature of the particular government support for that security. Securities issued by certain U.S. Government agencies and certain U.S. Government sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the United States. For example, the debt of U.S. Government sponsored enterprises, such as that issued by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks are not guaranteed by the U.S. Government or supported by the full faith and credit of the United States. In addition, circumstances could arise that could prevent the timely payment of interest or principal on U.S. Government obligations, such as reaching the legislative “debt ceiling.” Such non-payment could result in losses to the Fund and substantial negative consequences for the U.S. economy and the global financial system. Changes to the financial condition or credit rating of the U.S. Government may cause the value of U.S. Government obligations to decline.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zIRlX9yys23b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Repurchase Agreements Risk.</i> If the other party to a repurchase agreement defaults on its obligation under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security and the market value of the security declines, the Fund may lose money.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditsRiskMember_zizO17LAgKzk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Credit Risk.</i> The issuer of a debt security (i.e., the borrower) may be unable or unwilling to make timely payments of interest and principal when due or otherwise honor their obligations. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also adversely affect the value of the Fund’s investment in that issuer.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z8H4v3xK5g69" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><i>Fixed Income Securities Risk.</i> The value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zSlPnNRO76Z1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk.</i> 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, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts and wars, 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryRiskMember_zf0lUp5v6bf8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Limited History Risk.</i> The Fund is a new ETF and has a limited history of operations for investors to evaluate. The Fund may fail to reach an economically viable size and may close. Large redemptions may force the Fund to sell portfolio securities or other assets when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase the Fund’s brokerage costs and/or have a material effect on the market price of the Fund shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_z7SxWzUDmN7j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Management Risk.</i> The Fund is subject to the risk that its investment management strategy may not produce the intended results. There can be no assurance that the investments selected by the Adviser will produce positive returns.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--VariableAndFloatingRateInstrumentRiskMember_zGaAQP69N8vd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Variable and Floating Rate Instrument Risk</i>. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities with fixed interest rates, but may decline in value if their coupon rates do not reset as high, or as quickly, as comparable market interest rates, and generally carry lower yields than fixed securities of the same maturity. These securities will not generally increase in value if interest rates decline. A decline in interest rates may result in a reduction in income received from variable and floating rate securities held by the Fund and may adversely affect the value of the Fund’s shares. These securities may be subject to greater illiquidity risk.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--WhenissuedDelayedDeliveryAndForwardCommitmentsRiskMember_z9ZEY0vmJOa5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>When-Issued, Delayed Delivery, and Forward Commitments Risk.</i> When-issued and delayed delivery securities and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund may lose both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfStructureRiskMember_zciEP9LLPGli" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><i>ETF Structure Risk. </i>The Fund is structured as an ETF. As a result, the Fund is subject to special risks, including: </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <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; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash Transaction Risk.</i> Purchases and redemptions of creation units that are made primarily with cash, rather than through in-kind delivery of portfolio securities may cause the Fund to incur additional costs including brokerage costs and taxable capital gains or losses that the Fund may not have incurred if the Fund had made redemptions in-kind.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <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="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Not Individually Redeemable.</i> The Fund’s shares (“Shares”) are not redeemable by retail investors and may be redeemed only by Authorized Participants at net asset value (“NAV”) and only in Creation Units. A retail investor generally incurs brokerage costs when selling shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <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="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Issues</i>. Trading in Shares on 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.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <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="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market Price Variance Risk.</i> 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.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 for the Shares than the Fund’s NAV, which is reflected in the bid and ask price for the Shares or in the closing price.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash Creation Unit Transactions Risk. Like other ETFs, the Fund sells and redeems its shares only in large blocks called Creation Units and only to “Authorized Participants.” However, unlike many other ETFs, the Fund expects to effect its creations and redemptions at least partially or fully for cash, rather than in-kind securities. Thus, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could have avoided by making redemptions in-kind. As a result, the Fund may pay out higher capital gains distributions than ETFs that redeem in-kind. Further, paying redemption proceeds in cash rather than through in-kind delivery of portfolio securities may require the Fund to dispose of or sell portfolio investments to obtain the cash needed to distribute redemption proceeds at an inopportune time.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <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="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Authorized Participant Risk.</i> 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.</span></td></tr> </table> <p id="xdx_A8F_eoef--PerformanceNarrativeTextBlock_zZu7rkTkq4Ic" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance: </b><span id="xdx_907_eoef--PerformanceOneYearOrLess_c20261028__20261028__dei--LegalEntityAxis__custom--S000093622Member_zd6GV1SYpU83">Performance information will be available in the prospectus after the Fund has been in operation for one full calendar year.</span></span> <span id="xdx_906_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000093622Member_ziCdnIuGKNi6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Past performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Updated performance information will be available at no cost by visiting <span id="xdx_901_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000093622Member_zFj8AnHZfWHl"><span style="text-decoration: underline">www.simplify.us</span></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">or by calling <span id="xdx_905_eoef--PerformanceAvailabilityPhone_c20261028__20261028__dei--LegalEntityAxis__custom--S000093622Member_z9uwVkbMNAJ3">1 (855) 772-8488</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p> Performance information will be available in the prospectus after the Fund has been in operation for one full calendar year. Past performance is not necessarily an indication of how the Fund will perform in the future. www.simplify.us 1 (855) 772-8488 FUND SUMMARY – SIMPLIFY HEALTH CARE ETF <p id="xdx_A85_eoef--ObjectivePrimaryTextBlock_zNKqmUBkySV7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Investment Objective: </b>The Simplify Health Care ETF (the “Fund” or “PINK”) seeks long-term capital appreciation.</p> <p id="xdx_A8E_eoef--ExpenseNarrativeTextBlock_zpN8M3Vz10v3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Fees and Expenses of the Fund: </b>This table describes the fees and expenses that you may pay if you buy, sell, and hold shares of the Fund. <b>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.</b></p> <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_zfLNm3Cnrezd"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5C_dU_z7U7YGltS2p4" 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="background-color: gainsboro"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top; width: 65%"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses<br/> </b>(expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_499_20261028__20261028__dei--LegalEntityAxis__custom--S000073751Member__oef--ClassAxis__custom--C000230898Member_zz8m80jcuhX9" style="border: black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zhI0p9nlFNQ2"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top"><span style="font-size: 10pt">Management Fees</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.50%</span></td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zWogR7FDmZn4"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top"><span style="font-size: 10pt">Distribution and Service (12b-1) Fees </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zYzziOZsBdg"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top"><span style="font-size: 10pt">Other Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_40A_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zwHMKnia13P4"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top"><span style="font-size: 10pt">Acquired Fund Fees and Expenses<sup id="xdx_F4E_zggD8jAh5Lmk">(1)</sup></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.01%</span></td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zMxXZyhj6TGl"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top"><span style="font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.51%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto; width: 80%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td id="xdx_F09_zsonyZPF9Fo4" style="width: 0.25in; text-align: left">(1)</td> <td style="text-align: justify"><span id="xdx_F17_zP3A3I2fkvoh" style="font-size: 10pt"><span id="xdx_902_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20261028__20261028__dei--LegalEntityAxis__custom--S000073751Member_zO9c5PwAE48a"> 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.</span></span></td> </tr> </table> 0.0050 0.0000 0.0000 0.0001 0.0051 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. <p id="xdx_A8C_eoef--ExpenseExampleNarrativeTextBlock_zcgMZ7q5Khlj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b><i>Example: </i></b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">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. <span id="xdx_90B_eoef--ExpenseExampleByYearCaption_c20261028__20261028__dei--LegalEntityAxis__custom--S000073751Member_zdgjwlG7Tx8f">Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span></p> Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zoWqJgs87ZY5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zfzvJ7zIoBMk" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom; background-color: gainsboro"> <td id="xdx_48D_eoef--ExpenseExampleYear01_zDtegI1VouL4" style="border-bottom: black 1pt solid; width: 12%; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_484_eoef--ExpenseExampleYear03_zFzHqREuyGMj" style="border-bottom: black 1pt solid; width: 13%; text-align: center"><span style="font-size: 10pt"><b>3 Years</b></span></td> <td id="xdx_48F_eoef--ExpenseExampleYear05_zYivmuh8CJAj" style="border-bottom: black 1pt solid; width: 13%; text-align: center"><span style="font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_48D_eoef--ExpenseExampleYear10_zM9muRMVwwr7" style="border-bottom: black 1pt solid; width: 12%; text-align: center"><span style="font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_41E_20261028__20261028__dei--LegalEntityAxis__custom--S000073751Member__oef--ClassAxis__custom--C000230898Member_zKE9sqLXdThe" style="vertical-align: top"> <td style="text-align: center"><span style="font-size: 10pt">$52</span></td> <td style="text-align: center"><span style="font-size: 10pt">$164</span></td> <td style="text-align: center"><span style="font-size: 10pt">$286</span></td> <td style="text-align: center"><span style="font-size: 10pt">$641</span></td></tr> </table> 52 164 286 641 <p id="xdx_A8F_eoef--PortfolioTurnoverTextBlock_zrSLTIL29zHf" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b><i>Portfolio Turnover: </i></b>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 <span id="xdx_90C_eoef--PortfolioTurnoverRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000073751Member_zJUyHg7pX0C4">171%</span> of the average value of its portfolio.</p> 1.71 <p id="xdx_A80_eoef--StrategyNarrativeTextBlock_zTCZHYH5eqKk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b><i>Principal Investment Strategies:</i></b> <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEludmVzdG1lbnQgU3RyYXRlZ3kA" id="xdx_90D_efnd--NmRule35d1EightyPctInvstmntPlcyTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000073751Member_z5WZGhEuQLA6">The Fund has adopted a non-fundamental policy that, under normal circumstances, the Fund will invest at least 80% of its assets (plus any borrowings for investment purposes) in securities of U.S. health care companies.</span> The Fund defines health care companies as companies included in the Global Industry Classification Standard health care sector. The Fund defines equity securities as common stock, preferred stock, or ETFs that invest in the same. The Fund invests in companies without restriction as to capitalization, including micro-capitalization companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The Fund will invest in 50 to 100 health care companies. The Fund will use fundamental, bottom-up analysis that seeks to identify high-quality companies and the most compelling investment opportunities. In general, the Fund will follow a growth investment strategy, seeking companies whose earnings are expected to grow faster than inflation and the economy in general. When stock valuations seem unusually high, however, a “value” approach, which gives preference to seemingly undervalued companies, may be emphasized. The Fund generally seeks investments in companies that are developing new and effective medicines, as well as companies whose business models reduce costs or improve quality in health care systems. The Fund may invest in health care companies that do not seek to design or develop treatments for breast cancer. The Adviser may invest in affiliated money market ETFs to manage liquidity.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">The Fund may invest in repurchase agreements. Repurchase agreements are transactions in which the Fund purchases government securities and simultaneously commits to resell them to the same counterparty at a future time and at a price reflecting a market rate of interest.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The Fund’s namesake is The Susan G. Komen Breast Cancer Foundation, Inc. (the “Foundation”), a 501(c)(3) charitable foundation. In exchange for the use of its name and logo, Simplify Asset Management Inc., the Fund’s investment adviser, will donate its annual management fee for managing the Fund to the Foundation. <b>The Foundation shall use such donation to support its mission, but the Foundation will not participate in or have any influence on the day-to-day operations of the Fund or the Adviser’s management of the Fund</b>. The Fund is not organized as a charitable investment trust.</p> The Fund has adopted a non-fundamental policy that, under normal circumstances, the Fund will invest at least 80% of its assets (plus any borrowings for investment purposes) in securities of U.S. health care companies. <p id="xdx_A8D_eoef--RiskTextBlock_zGI0fjfB5QAb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Principal Investment Risks: </b><i><span id="xdx_90F_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000073751Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zf1Uqr26oLQj">As with all funds, there is the risk that you could lose money through your investment in the Fund.</span> Many factors affect the Fund’s NAV and price of shares and performance.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The following describes the principal risks the Fund bears with respect to its investments. <span id="xdx_900_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000073751Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zS9WztuI2ZGh">As with any fund, there is no guarantee that the Fund will achieve its goal.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 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. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_ztVWfGSiDF3h" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Active Management Risk. </i>The Fund is subject to the risk that the investment management strategy may not produce the intended results and may negatively impact Fund performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--BiotechnologyIndustryRiskMember_z37t0E2XrKfa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Biotechnology Industry Risk.</i> The biotechnology industry can be significantly affected by patent considerations, including the termination of patent protections for products, intense competition both domestically and internationally, rapid technological change and obsolescence, government regulation and expensive insurance costs due to the risk of product liability lawsuits. In addition, the biotechnology industry is an emerging growth industry, and therefore biotechnology companies may be thinly capitalized and more volatile than companies with greater capitalizations. Biotechnology companies must contend with high development costs, which may be exacerbated by the inability to raise prices to cover costs because of managed care pressure, government regulation or price controls.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_z5nIUJ3G8Lm5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Concentration Risk. </i>The Fund may focus its investments in securities of a particular industry. Economic, legislative or regulatory developments may occur that significantly affect the industry. This may cause the Fund’s net asset value to fluctuate more than that of a fund that does not focus in a particular industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zTmrGq7vRJX8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Early Close/Trading Halt Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zOkrguqOO26j" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Equity Securities Risk.</i> The net asset value of the Fund will fluctuate based on changes in the value of the 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfStructureRisksMember_zoVuZ3iMnQO5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>ETF Structure Risks. </i>The Fund is structured as an ETF and will invest in underlying ETFs. As a result, the Fund is subject to special risks, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Not Individually Redeemable</i>. The Fund’s shares (“Shares”) are not redeemable by retail investors and may be redeemed only by 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Trading Issues</i>. 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Market Price Variance Risk</i>. 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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 hares and the Fund’s NAV.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Authorized Participant Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--HealthCareRiskMember_z6qlX0cuT9Uk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Health Care Risk. </i>To the extent the Fund focuses on the health care sector, the Fund may be more susceptible to the particular risks that may affect companies in the health care sector than if it were invested in a wider variety of companies in unrelated sectors. The profitability of companies in the health care sector may be adversely affected by the following factors, among others: extensive government regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure, an increased emphasis on outpatient services, changes in the demand for medical products and services, a limited number of products, industry innovation, changes in technologies and other market developments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationRiskMember_zELfSNDfTK37" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Large Capitalization Risk.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_z8QM3qYOswXl" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Market and Geopolitical Risk. </i>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 portfolios 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 and wars, 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MedicalProductAndDeviceCompanyRiskMember_z6Xn0dssfZY1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Medical Product and Device Company Risk.</i> Companies that manufacture or develop medical products or devices subject to extensive regulation in the United States by the FDA and by comparable government agencies in other countries. The regulations govern the development, design, approval, manufacturing, labeling, importing and exporting and sale and marketing of many of our medical products. These regulations are also subject to future change. Failure to comply with applicable regulations and quality assurance guidelines could lead to manufacturing shutdowns, product shortages, delays in product manufacturing, product seizures, recalls, operating restrictions, withdrawal or suspension of required licenses, and prohibitions against exporting of products to, or importing products from, countries outside the United States. Medical product and medical device companies could be required to expend significant financial and human resources to remediate failures to comply with applicable regulations and quality assurance guidelines.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MicroCapitalizationStockRiskMember_zE2rMOdAzpr5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Micro Capitalization Stock Risk. </i>Micro capitalization companies may be newly formed or have limited product lines, distribution channels and financial and managerial resources. The risks associated with those investments are generally greater than those associated with investments in the securities of larger, more established companies. This may cause the Fund’s net asset value to be more volatile when compared to investment companies that focus only on large capitalization companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--PharmaceuticalCompanyRiskMember_z2JXGcOW31eg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Pharmaceutical Company Risk</i>. Companies in the pharmaceutical industry are heavily dependent on patent protection. The expiration of patents may adversely affect the profitability of the companies. Pharmaceutical companies are also subject to extensive litigation based on product liability and other similar claims. Many new products are subject to approval of the Food and Drug Administration, a process that can be long and costly. Expanding international operations may lead to risks resulting from differences between U.S. and foreign legal, political and economic systems, regulatory regimes and market practices.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--RepurchaseAgreementsRiskMember_zKImVAqfT3te" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Repurchase Agreements Risk.</i> If the other party to a repurchase agreement defaults on its obligation under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security and the market value of the security declines, the Fund may lose money.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMediumCapitalizationStockRiskMember_zCUOwXoLjFEd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Small and Medium Capitalization Stock Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TurnoverRateRiskMember_zv4trMJhele5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Turnover Rate Risk.</i> The Fund may have portfolio turnover rates significantly in excess of 100%. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund’s performance and may produce increased taxable distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundRiskMember_zpQRENxzyt68" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Underlying Fund Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--AffiliatedMoneyMarketETFConflictOfInterestRiskMember_zXWZSaL4gCh3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Affiliated Money Market ETF Conflict of Interest Risk.</i> 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.</p> <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_zpNu8E1cY1mh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Performance: </b><span id="xdx_90C_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20261028__20261028__dei--LegalEntityAxis__custom--S000073751Member_z2Ie9E86vy14">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 and an additional index.</span> The additional index tracks U.S. health care stocks across all market capitalizations and is included as a performance benchmark that is relevant to the Fund’s health care sector investment focus. <span id="xdx_902_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000073751Member_zs8F3pm3twB3">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </span>Updated performance information is available at no cost by visiting <span id="xdx_904_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000073751Member_zTQpeMWQMaGh"><span style="text-decoration: underline">www.simplify.us/etfs</span> </span>or by calling <span id="xdx_905_eoef--PerformanceAvailabilityPhone_c20261028__20261028__dei--LegalEntityAxis__custom--S000073751Member_zWmsEaT1wDR1">1 (855) 772-8488</span>.</p> 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 and an additional 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 <p id="xdx_A86_eoef--BarChartTableTextBlock_z4Zbj12w8WVl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><img alt="" src="pro-pink_001.jpg" style="height: 269px; width: 450px"/></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zHaZDJLB1vj9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; 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="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2022</td> <td id="xdx_985_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000230898Member_zyGENSJ7Y4s1" style="display: none; text-align: center; width: 50%">-4.27%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_988_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000230898Member_z1blZ3WQUcLe" style="display: none; text-align: center">3.75%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_981_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000230898Member_zXkLwX1D8Yyh" style="display: none; text-align: center">8.87%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_983_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000230898Member_zc6fAJqNOyHh" style="display: none; text-align: center">24.07%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"> </p> -0.0427 0.0375 0.0887 0.2407 <p id="xdx_A8A_eoef--BarChartClosingTextBlock_zAKelxJT8QD" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify; text-indent: 0.5in">During the periods shown in the bar chart above, the Fund’s <span id="xdx_902_eoef--HighestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000073751Member_zO7xEtG4tica">highest quarterly return</span> was <span id="xdx_90C_eoef--BarChartHighestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000073751Member_zHoUDMYN2sz2">15.59% </span>(quarter ended <span id="xdx_90A_eoef--BarChartHighestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000073751Member_zRQdgJzPImp4">December 31, 2025</span>) and the Fund’s <span id="xdx_90C_eoef--LowestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000073751Member_zZvTZLpQX6p8">lowest quarterly return</span> was <span id="xdx_900_eoef--BarChartLowestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000073751Member_zkqqDQEOLZUf">-9.47% </span>(quarter ended <span id="xdx_907_eoef--BarChartLowestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000073751Member_zZxNEo5RSoG7">December 31, 2024</span>). The calendar <span id="xdx_906_eoef--YearToDateReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000073751Member_zhgB6N56JV24">year-to-date total return</span> of the Fund as of <span id="xdx_903_eoef--BarChartYearToDateReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000073751Member_z8ztJoWTsnRf">September 30, 2026</span> was <span id="xdx_904_eoef--BarChartYearToDateReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000073751Member_zw7C7KVDdU8">6.36%</span>.</p> highest quarterly return 0.1559 2025-12-31 lowest quarterly return -0.0947 2024-12-31 year-to-date total return 2026-09-30 0.0636 Average Annual Total Returns for the Periods Ended December 31, 2025 <div id="xdx_A84_eoef--PerformanceTableTextBlock_zu2iKIWIeg9c"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zn5xRcEhh6D5" 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_49F_20250101__20251231_zzjL0OMx6CSb" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td> </td> <td> </td> <td colspan="2" id="xdx_49D_20211008__20251231_zwKeAxJ5oJ0f" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Since <br/> Inception<br/> (<span id="xdx_909_eoef--PerfInceptionDate_c20261028__20261028__oef--ClassAxis__custom--C000230898Member_z0Ri3USEuEV2">10/8/21</span>)</b></span></td> <td> </td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000230898Member_zUWIOjNQ2314" style="vertical-align: bottom; background-color: Gainsboro"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; width: 76%"><span style="font-size: 10pt">Return Before Taxes</span></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"><span style="font-size: 10pt">24.07</span></td> <td style="width: 1%"><span style="font-size: 10pt">%</span></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"><span style="font-size: 10pt">10.05</span></td> <td style="width: 1%"><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000230898Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zEmahbb1I9pb" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 10pt">Return After Taxes on Distributions</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">23.68</span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">9.80</span></td> <td><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000230898Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z3CYSKMopZ0h" style="vertical-align: bottom; background-color: Gainsboro"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 10pt">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">14.22</span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">7.80</span></td> <td><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000230898Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zDsQl3KSawJb" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 10pt">S&amp;P 500 Index (<span id="xdx_902_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261028__20261028__dei--LegalEntityAxis__custom--S000073751Member_ziUNfYD1LSm1">reflects no deduction for fees, expenses or taxes</span>)</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">17.88</span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">12.66</span></td> <td><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000230898Member__oef--PerformanceMeasureAxis__custom--MSCIUSAIMIHealthCareNetUSDIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zBB9Yu2qj2re" style="vertical-align: bottom; background-color: Gainsboro"> <td style="padding-bottom: 1pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">MSCI USA IMI/Health Care Net (USD) Index (<span id="xdx_904_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261028__20261028__dei--LegalEntityAxis__custom--S000073751Member_zfQXBjSSEuua">reflects no deduction for fees, expenses or taxes</span>)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">14.91</td> <td style="padding-bottom: 0.5pt">%</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">4.76</td> <td style="padding-bottom: 0.5pt">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 2021-10-08 0.2407 0.1005 0.2368 0.0980 0.1422 0.0780 reflects no deduction for fees, expenses or taxes 0.1788 0.1266 reflects no deduction for fees, expenses or taxes 0.1491 0.0476 <p id="xdx_A8B_eoef--PerformanceTableClosingTextBlock_z0nm011QE4r8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span id="xdx_90C_eoef--PerformanceTableUsesHighestFederalRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000073751Member_zoLF8fqzn5u6">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.</span> <span id="xdx_90B_eoef--PerformanceTableNotRelevantToTaxDeferred_c20261028__20261028__dei--LegalEntityAxis__custom--S000073751Member_zyUpGiDy26e1">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.</span></p> 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. FUND SUMMARY – SIMPLIFY HEDGED EQUITY ETF <p id="xdx_A88_eoef--ObjectivePrimaryTextBlock_z02ChlVYiKbk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Investment Objective: </b>The Simplify Hedged Equity ETF (the “Fund” or “HEQT”) seeks long term capital appreciation.</p> <p id="xdx_A88_eoef--ExpenseNarrativeTextBlock_z4CEMsIQuOr1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Fees and Expenses of the Fund: </b>This table describes the fees and expenses that you may pay if you buy, sell, and hold shares of the Fund. <b>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.</b></p> <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_zSNvzBCJHdLl"></div> <table cellpadding="3" cellspacing="0" id="xdx_A54_dU_zBfvcg37zXXg" 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="background-color: gainsboro"> <td style="border: black 1pt solid; vertical-align: top; width: 65%"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses<br/> </b>(expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_496_20261028__20261028__dei--LegalEntityAxis__custom--S000073925Member__oef--ClassAxis__custom--C000231201Member_zDZbd1WfK90i" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zLmXUw0WtjO9"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top"><span style="font-size: 10pt">Management Fees</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.45%</span></td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zMTVbcZ0qacj"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top"><span style="font-size: 10pt">Distribution and Service (12b-1) Fees </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zNbYovAXxwbl"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top"><span style="font-size: 10pt">Other Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_40A_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zB4Q0sXbJvw6"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top"><span style="font-size: 10pt">Acquired Fund Fees and Expenses<sup id="xdx_F46_zC2TV5OfAUR5">(1)</sup></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.03%</span></td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zonqBi3IS6Tj"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top"><span style="font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.48%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <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 style="width: 0.25in; text-align: justify"><span id="xdx_F0B_zUb9rhUC5GUj" style="font-size: 10pt">(1)</span></td> <td style="text-align: justify"><span id="xdx_F13_zJhCme4ZiFH7" style="font-size: 10pt"><span id="xdx_900_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20261028__20261028__dei--LegalEntityAxis__custom--S000073925Member_zXY6C6flshLd"> 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.</span></span></td></tr> </table> 0.0045 0.0000 0.0000 0.0003 0.0048 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. <p id="xdx_A80_eoef--ExpenseExampleNarrativeTextBlock_zsiBmz72FBy7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b><i>Example: </i></b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt">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. <span id="xdx_90F_eoef--ExpenseExampleByYearCaption_c20261028__20261028__dei--LegalEntityAxis__custom--S000073925Member_zkajgTyVsdBd">Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span></p> Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zCGB7iDXLfb5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zwRnhiRHtb02" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: gainsboro"> <td id="xdx_48E_eoef--ExpenseExampleYear01_zH80JwTAZ7S9" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_48C_eoef--ExpenseExampleYear03_z4X0YR6hRhs8" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 13%; text-align: center"><span style="font-size: 10pt"><b>3 Years</b></span></td> <td id="xdx_483_eoef--ExpenseExampleYear05_zhP8fgsc4sKi" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 13%; text-align: center"><span style="font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_48D_eoef--ExpenseExampleYear10_zynn1WzH0Au3" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; text-align: center"><span style="font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_419_20261028__20261028__dei--LegalEntityAxis__custom--S000073925Member__oef--ClassAxis__custom--C000231201Member_zD9ci03xanP" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">$49</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">$154</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">$269</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">$604</span></td></tr> </table> 49 154 269 604 <p id="xdx_A85_eoef--PortfolioTurnoverTextBlock_zOvK00ymHXih" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b><i>Portfolio Turnover: </i></b>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 <span id="xdx_909_eoef--PortfolioTurnoverRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000073925Member_zk5ZBm2JxzS7">1%</span> of the average value of its portfolio.</p> 0.01 <p id="xdx_A88_eoef--StrategyNarrativeTextBlock_zrOaxoy5UOm9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Principal Investment Strategies: </b>The Adviser seeks to achieve the Fund’s investment objective by investing primarily in equity securities and applying an option overlay known as a “put/spread collar” strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i><span style="text-decoration: underline">Equity Strategy</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIEludmVzdG1lbnQgU3RyYXRlZ3kA" id="xdx_901_efnd--NmRule35d1EightyPctInvstmntPlcyTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000073925Member_z7ADTglpAACb">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, primarily by purchasing exchange-traded funds (“ETFs”) that seek to track the investment results of the S&amp;P 500 Index. The Fund typically invests at least 80% of the Fund’s portfolio in underlying ETFs. The Adviser does not frequently trade ETFs but seeks to maintain consistent exposure to the S&amp;P 500 Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><span style="text-decoration: underline"><i>Put/Spread Collar Strategy</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The Fund also purchases and sells exchange traded put options and sells exchange traded call options in the execution of an option overlay strategy known as a “put/spread collar” strategy. Up to twenty percent of the Fund’s net asset value will be subject to the “put/spread collar” strategy. The options used are based either on the S&amp;P 500 Index itself or ETFs that seek to replicate the S&amp;P 500 Index (“S&amp;P 500 ETFs”). This strategy seeks to provide investors with downside protection from the put options as well as income from the index call options in an effort to reduce the risk and volatility associated with typical long-only equity strategies. If the Fund purchases a call option, the Fund has the right, but not the obligation, to buy a stock or other asset at a specified price (strike price) within a specific time period. If the Fund purchases a put option, the Fund has the right, but not the obligation, to sell a stock or other asset at a specified price (strike price) within a specific time period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The Fund creates a put/spread collar by buying a put option on the S&amp;P 500 Index or an S&amp;P 500 ETF at a higher strike price and selling a put option on that index or ETF at a relatively lower strike price, resulting in what is known as a put option spread. At the same time, the Fund will sell a call option on the S&amp;P 500 Index or an S&amp;P 500 ETF. The Fund may determine to create more than one put/spread collar as Fund assets increase. The put option spread is generally maintained so that the Fund is protected from a decrease in the market (as measured by the S&amp;P 500 Index) of five to twenty percent. The options are reset on at least a quarterly basis to respond to current market conditions. The Adviser utilizes a five to twenty percent range in order to align with other similar low volatility strategies. The put option spread is a strategic, persistent exposure meant to hedge against a portion of market declines. If the market goes down, the Fund’s returns may fall less than the market because the Adviser will sell or exercise the put options. The value of the Fund’s put options is expected to decrease in proportion to the decrease in value of the underlying assets, but the amount by which the Fund’s options increase or decrease in value depends on how far the market has moved from the time the options position was initiated and the relative strike prices of the purchased and sold put options. By selling call options in return for the receipt of premiums, the Fund will give up the opportunity to benefit from potential increases in the value of the S&amp;P 500 ETFs above the exercise prices of such options. By purchasing put options in return for the payment of premiums, the Fund may be protected from a significant decline in the price of the S&amp;P 500 ETFs if the put options become in the money (where the put option’s strike price is greater than the market price of the underlying asset), but during periods where the S&amp;P 500 ETFs appreciate, the Fund will underperform due to the cost of the premiums paid and the increased value of call sold.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The put/spread collar seeks to protect the Fund against a decline in value, and its execution tends to be less expensive than a strategy of only purchasing put options. The premiums received from writing index call options are designed to provide income, and those premiums can help offset the cost of the put option spread. Any savings generated between the premiums received from writing index call options and the premiums of the put options are passed on to shareholders. This strategy, however, provides investors less downside risk when there is only a small decline in the price of the stock. This is because the protection offered by the collar is limited to the extent of the difference between the strike prices of the put option purchased and the put option sold. This means that the strategy will not be effective as a strategy of put options only would be in protecting the Fund from steeper declines. On the other hand, the use of call options limits the Fund’s ability to profit from increases in the value of its equity portfolio because when markets are rising, the call option will likely be exercised once the market price rises to the option’s strike price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Use of Futures. </i>In addition to the use of options in the put/spread collar strategy described above, the Fund may use futures contracts (derivative contracts that obligate the buyer or seller to transact at a set price and predetermined time), primarily futures on indexes, to more effectively gain targeted equity exposure from its cash positions and to hedge the Fund’s portfolio if it is unable to purchase or write the necessary options for its overlay strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The Adviser may invest in affiliated money market ETFs to manage liquidity or to pledge as collateral for derivatives.</p> 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, primarily by purchasing exchange-traded funds (“ETFs”) that seek to track the investment results of the S&amp;P 500 Index. The Fund typically invests at least 80% of the Fund’s portfolio in underlying ETFs. The Adviser does not frequently trade ETFs but seeks to maintain consistent exposure to the S&amp;P 500 Index. <p id="xdx_A8D_eoef--RiskTextBlock_zmbuIRYwNWHb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Principal Investment Risks: </b><i><span id="xdx_90C_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000073925Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zpSiqhkQYuy9">As with all funds, there is the risk that you could lose money through your investment in the Fund.</span> Many factors affect the Fund’s NAV and price of shares and performance.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The following describes the principal risks the Fund bears with respect to its investments. <span id="xdx_90A_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000073925Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zoiT73ZsnxQd">As with any fund, there is no guarantee that the Fund will achieve its goal.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 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. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zDcinZRuxPe6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Equity Securities Risk.</i> The net asset value of the Fund will fluctuate based on changes in the value of the 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--PutspreadCollarStrategyRiskMember_z0EcxK3OQ7ni" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Put/Spread Collar Strategy Risk.</i> The put/collar strategy used to seek to protect the Fund against a decline in value may not work as intended. The Fund’s collar strategy will consist of call options positions and long put options positions. By selling call options in return for the receipt of premiums, the Fund will give up the opportunity to benefit from potential increases in the value of the S&amp;P 500 ETFs above the exercise prices of such options. By purchasing put options in return for the payment of premiums, the Fund may be protected from a significant decline in the price of the S&amp;P 500 ETFs if the put options become in the money, but during periods where the S&amp;P 500 ETFs appreciate, the Fund will underperform due to the cost of the premiums paid and the increased value of call sold. Investors who purchase shares of the Fund when the Fund’s put/collar strategy is not active may experience different levels of downside protection and upside participation depending on market performance. In addition, the Fund’s ability to sell the securities underlying the options will be limited while the options are in effect unless the Fund cancels out the options positions through the purchase or sale of offsetting identical options prior to the expiration of the options. Exchanges may suspend the trading of options in volatile markets. If trading is suspended, the Fund may be unable to purchase or sell options at times that may be desirable or advantageous to do so, which may increase the risk of tracking error. The Fund’s returns will not match that of a fund that invests solely in securities listed on the S&amp;P 500 index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zIgErOYLFhre" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Active Management Risk. </i>The Fund is subject to the risk that the investment management strategy may not produce the intended results and may negatively impact Fund performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zuiSsNec24F1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Derivatives Risk.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zyE9vTAs377h" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Early Close/Trading Halt Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfStructureRisksMember_zkoJavNGvkO3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>ETF Structure Risks. </i>The Fund is structured as an ETF and will invest in underlying ETFs. As a result, the Fund is subject to special risks, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Not Individually Redeemable</i>. 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Trading Issues</i>. 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Market Price Variance Risk</i>. 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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 for 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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 hares and the Fund’s NAV.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Authorized Participant Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesRiskMember_zUumGyW0ugB" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Futures Risk. </i>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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationRiskMember_zCGIBDhCkNrb" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Large Capitalization Risk.</i> The Fund defines large-capitalization companies as those with market capitalizations above $10 billion at the time of purchase. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zzA1ioyKbVP9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Leverage Risk.</i> The use of leverage by the Fund, such as borrowing money to purchase securities or the use of options, will cause the Fund to incur additional expenses and magnify the Fund’s gains or losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zWHQLcTb3l04" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Market and Geopolitical Risk. </i>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 portfolios 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 and wars, 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundRiskMember_zad1bnWXUfZ7" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Underlying Fund Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--AffiliatedMoneyMarketETFConflictOfInterestRiskMember_zGYA2Rr8sb4l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Affiliated Money Market ETF Conflict of Interest Risk.</i> 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.</p> <p id="xdx_A84_eoef--PerformanceNarrativeTextBlock_zTwpom7BGlye" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Performance: </b><span id="xdx_902_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20261028__20261028__dei--LegalEntityAxis__custom--S000073925Member_zpaBKab9Oc86">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 and an additional index.</span> The additional index represents a 60% equity and 40% fixed income allocation and is included as a performance benchmark that reflects a balanced risk-adjusted approach comparable to the Fund’s hedged equity strategy. <span id="xdx_90C_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000073925Member_zhArvDe6qtQa">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </span>Updated performance information is available at no cost by visiting <span id="xdx_902_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000073925Member_zrqCdMQqZiX"><span style="text-decoration: underline">www.simplify.us/etfs</span> </span>or by calling <span id="xdx_904_eoef--PerformanceAvailabilityPhone_c20261028__20261028__dei--LegalEntityAxis__custom--S000073925Member_zumgTUae763d">1 (855) 772-8488</span>.</p> 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 and an additional 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 <p id="xdx_A86_eoef--BarChartTableTextBlock_zhAveJZtPQEj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><img alt="" src="pro-heqt_001.jpg" style="height: 270px; width: 450px"/></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zFcxRCKV9DQ8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; 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="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2022</td> <td id="xdx_980_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000231201Member_zYar3juo0DW4" style="display: none; text-align: center; width: 50%">-8.40%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_988_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000231201Member_zOMTRY3TYICb" style="display: none; text-align: center">16.73%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_981_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000231201Member_zyskvC60utJ" style="display: none; text-align: center">18.32%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_986_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000231201Member_znBqdqLuSI6c" style="display: none; text-align: center">10.08%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> -0.0840 0.1673 0.1832 0.1008 <p id="xdx_A8B_eoef--BarChartClosingTextBlock_zYxQtwMyjTvj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify; text-indent: 0.5in">During the periods shown in the bar chart above, the Fund’s <span id="xdx_907_eoef--HighestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000073925Member_z87irp8Ou7Ve">highest quarterly return</span> was <span id="xdx_908_eoef--BarChartHighestQuarterlyReturn_dp_c20261028__20261028__dei--LegalEntityAxis__custom--S000073925Member_zgvxWtn9pxE2">6.85% </span>(quarter ended <span id="xdx_909_eoef--BarChartHighestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000073925Member_zXnmWrFc3Cfh">December 31, 2023</span>) and the Fund’s <span id="xdx_906_eoef--LowestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000073925Member_zZVKZVnWf4I5">lowest quarterly return</span> was <span id="xdx_90B_eoef--BarChartLowestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000073925Member_zRWpf2lfxdlg">-5.67% </span>(quarter ended <span id="xdx_908_eoef--BarChartLowestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000073925Member_zQj4cFB8xmW3">June 30, 2022</span>). The calendar <span id="xdx_907_eoef--YearToDateReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000073925Member_z3vIQhNV6llb">year-to-date total return</span> of the Fund as of <span id="xdx_90F_eoef--BarChartYearToDateReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000073925Member_z1pk0A6KtZek">September 30, 2026</span> was <span id="xdx_90F_eoef--BarChartYearToDateReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000073925Member_zorWmHHBhStd">7.96%</span>.</p> highest quarterly return 0.0685 2023-12-31 lowest quarterly return -0.0567 2022-06-30 year-to-date total return 2026-09-30 0.0796 Average Annual Total Returns for the Periods Ended December 31, 2025 <div id="xdx_A8A_eoef--PerformanceTableTextBlock_zsAgKKpUrhG5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zqVtLELv3Bxj" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td colspan="2" id="xdx_491_20250101__20251231_z68Pr89SA4x7" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td colspan="2" id="xdx_497_20211101__20251231_zkCfXgHSxuEk" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>Since <br/> Inception<br/> (<span id="xdx_904_eoef--PerfInceptionDate_c20261028__20261028__oef--ClassAxis__custom--C000231201Member_zulwJis6pki">11/1/21</span>)</b></span></td> <td style="vertical-align: bottom"> </td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000231201Member_zUF7dwhtDf3h" style="background-color: Gainsboro"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 76%"><span style="font-size: 10pt">Return Before Taxes</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 1%"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 9%; text-align: right"><span style="font-size: 10pt">10.08</span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt">%</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 1%"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 9%; text-align: right"><span style="font-size: 10pt">8.92</span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000231201Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zUWUvHezDwr1" style="background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt">Return After Taxes on Distributions</span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">9.52</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">8.03</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000231201Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zx5wkN6kZTz2" style="background-color: Gainsboro"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">5.95</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">6.64</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000231201Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zoVHclTP9fl1" style="background-color: White"> <td style="padding-bottom: 1pt; text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">S&amp;P 500 Index (<span id="xdx_904_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261028__20261028__dei--LegalEntityAxis__custom--S000073925Member_zFIgYJ2v3r88">reflects no deduction for fees, expenses or taxes</span>)</td> <td style="padding-bottom: 1pt; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right">17.88</td> <td style="padding-bottom: 0.5pt; vertical-align: bottom">%</td> <td style="padding-bottom: 1pt; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right">11.58</td> <td style="padding-bottom: 0.5pt; vertical-align: bottom">%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000231201Member__oef--PerformanceMeasureAxis__custom--BloombergUSEQFI6040IndexBMAReflectsNoDeductionForFeesExpensesOrTaxesMember_zuEtVJXBExlc" style="background-color: Gainsboro"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt">Bloomberg US EQ:FI 60:40 Index (BMA) (<span id="xdx_90A_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261028__20261028__dei--LegalEntityAxis__custom--S000073925Member_zFp9w4X8Bn5b">reflects no deduction for fees, expenses or taxes</span>)</span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">13.81</span></td> <td style="padding-bottom: 0.5pt; vertical-align: bottom"><span style="font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">6.74</span></td> <td style="padding-bottom: 0.5pt; vertical-align: bottom"><span style="font-size: 10pt">%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 2021-11-01 0.1008 0.0892 0.0952 0.0803 0.0595 0.0664 reflects no deduction for fees, expenses or taxes 0.1788 0.1158 reflects no deduction for fees, expenses or taxes 0.1381 0.0674 <p id="xdx_A8B_eoef--PerformanceTableClosingTextBlock_zQvRzcg145I8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span id="xdx_90A_eoef--PerformanceTableUsesHighestFederalRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000073925Member_ziAfxaXKBAdh">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.</span> <span id="xdx_903_eoef--PerformanceTableNotRelevantToTaxDeferred_c20261028__20261028__dei--LegalEntityAxis__custom--S000073925Member_z1hkhmey5czl">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.</span></p> 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. FUND SUMMARY – SIMPLIFY HIGH YIELD ETF <p id="xdx_A84_eoef--ObjectivePrimaryTextBlock_zjx12pJkDHs" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Investment Objective: </b>Simplify High Yield ETF (the “Fund” or “CDX”) seeks to maximize total return.</p> <p id="xdx_A85_eoef--ExpenseNarrativeTextBlock_zDGXihF0ky9h" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Fees and Expenses of the Fund: </b>This table describes the fees and expenses that you may pay if you buy, sell, and hold shares of the Fund. <b>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.</b></p> <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_z8x5hppgMgBh"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5F_dU_zrefm7cMnmrd" 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="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: gainsboro"> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 65%; vertical-align: top"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses<br/> </b>(expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_491_20261028__20261028__dei--LegalEntityAxis__custom--S000075090Member__oef--ClassAxis__custom--C000233895Member_znK7GcUx530c" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 15%; vertical-align: bottom"><span style="font-size: 10pt"> </span></td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zevI1jPotpn8" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><span style="font-size: 10pt">Management Fees</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.38%</span></td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zVXsKWJZRq46" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><span style="font-size: 10pt">Distribution and Service (12b-1) Fees </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zhVjncI7DE8i" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><span style="font-size: 10pt">Other Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_400_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zMZxAul9DZi1" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">Acquired Fund Fees and Expenses<sup id="xdx_F47_z0S1pkxsQVkg">(1)</sup></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.12%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zXf6RQUSqU4c" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><span style="font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.50%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <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="font: 10pt Times New Roman, Times, Serif"> <td id="xdx_F01_zaeOKcQnnXtc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; width: 0.25in">(1)</td> <td id="xdx_F15_zDYXwYzjJDk4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_902_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20261028__20261028__dei--LegalEntityAxis__custom--S000075090Member_zHgC5ryE6yz"> 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.</span></td></tr> </table> 0.0038 0.0000 0.0000 0.0012 0.0050 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. <p id="xdx_A85_eoef--ExpenseExampleNarrativeTextBlock_z8COkK47Zxw1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b><i>Example: </i></b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt">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. <span id="xdx_903_eoef--ExpenseExampleByYearCaption_c20261028__20261028__dei--LegalEntityAxis__custom--S000075090Member_ziyoc1cm74Q3">Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span></p> Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zRxIj1lzKGCh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zHZvYpd8jW8h" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: gainsboro"> <td id="xdx_488_eoef--ExpenseExampleYear01_z2roavB69Dbc" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_48D_eoef--ExpenseExampleYear03_zEfWNdGxX8vj" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 13%; text-align: center"><span style="font-size: 10pt"><b>3 Years</b></span></td> <td id="xdx_482_eoef--ExpenseExampleYear05_zxvDk4dHsX2d" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 13%; text-align: center"><span style="font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_482_eoef--ExpenseExampleYear10_ztDOcLPBfpvl" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; text-align: center"><span style="font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_41C_20261028__20261028__dei--LegalEntityAxis__custom--S000075090Member__oef--ClassAxis__custom--C000233895Member_zqjdc413pWkj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">$51</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">$160</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">$280</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">$628</span></td></tr> </table> 51 160 280 628 <p id="xdx_A81_eoef--PortfolioTurnoverTextBlock_zVSHus4dpgH3" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b><i>Portfolio Turnover: </i></b>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 <span id="xdx_90A_eoef--PortfolioTurnoverRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000075090Member_z87nRRczm3a7">55%</span> of the average value of its portfolio.</p> 0.55 <p id="xdx_A89_eoef--StrategyNarrativeTextBlock_zDdKf1kJLfz7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Principal Investment Strategies: </b>The Adviser seeks to achieve the Fund’s investment objective by investing in high yield bonds also known as “junk bonds” primarily by purchasing swaps on exchange traded funds and applying a credit hedge derivatives strategy to the Fund’s investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="text-decoration: underline"><i>High Yield Strategy</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIEludmVzdG1lbnQgU3RyYXRlZ3kA" id="xdx_90F_efnd--NmRule35d1EightyPctInvstmntPlcyTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000075090Member_zLDlTt2zZhBj">The Fund has adopted a non-fundamental investment policy that, under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in securities that provide exposure to high yield securities, also known as junk bonds.</span> The Fund defines junk bonds as those rated below Baa3 by Moody’s Investors Service or below BBB- by Standard and Poor’s Rating Group, or, if unrated, determined by the Adviser to be of similar credit quality. The Adviser does not frequently trade securities but seeks to maintain consistent exposure to junk bonds primarily through its purchase of swaps on exchange traded funds that primarily invest in high-yield securities (“H-Y ETFs”); and secondarily through its purchase of H-Y ETFs call options on H-Y ETFs, as well as by selling (writing) put options H-Y ETFs. The Adviser determines the securities to which it seeks exposure based on factors such as price, liquidity, and track record.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The H-Y ETFs underlying the swaps that the Fund will invest in may target high yield bonds with different maturities, durations, and quality requirements in connection with their investment strategies. Duration is a measure of price sensitivity of a debt security or a portfolio of debt securities to relative changes in interest rates. For instance, a duration of “five years” means that a security’s or portfolio’s price would be expected to decrease by approximately 5% with a 1% increase in interest rates (assuming a parallel shift in yield curve). Maturity is the period during which its owner will receive interest payments on the investment. When the bond reaches maturity, the Fund is repaid its par, or face value. A bond’s quality is a reference to the grade given to a bond by a rating service that indicates its credit quality. The rating takes into consideration a bond issuer’s financial strength or its ability to pay a bond’s principal and interest in a timely fashion. For instance, a “AAA” high-grade rated bond offers more security and lower profit potential (lower yield) than a “B-” rated speculative bond. The Adviser may invest in affiliated money market ETFs to manage liquidity or to pledge as collateral for derivatives.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="text-decoration: underline"><i>Derivatives Overlay – Generally</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In total, the Fund may invest up to 20% of the Fund’s portfolio in derivatives (measured by purchase price in the case of options or collateral pledged in the case of other derivatives) through a credit hedge strategy and/or an income generating option strategy. The Adviser anticipates purchasing and selling its derivatives on a monthly, quarterly, and annual basis, depending upon the Fund’s rebalancing requirements and expiration dates. However, the Adviser may rebalance the Fund’s derivative portfolio on a more frequent basis for a number of reasons such as when market volatility renders the protection provided by the derivative strategy ineffective or a derivative position has appreciated to the point that it is prudent to decrease the Fund’s exposure and realize gains for the Fund’s shareholders. Derivatives may be exchange-traded or over-the-counter (“OTC”); index-based or linked to a specific security. The Adviser selects derivatives based upon its evaluation of relative value based on expected hedging effectiveness, cost, and in the case of options, 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 typically on maturity.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="text-decoration: underline"><i>Credit Hedge Strategy</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Fund may invest up to 20% of the Fund’s portfolio in derivatives to hedge against interest rate risk and credit risk. When the Adviser believes credit risk will be increasing, it will hedge primarily by receiving protection through total return swaps that use fixed income instruments, fixed income indexes, fixed income ETFs, or H-Y ETFs as reference assets. However, when the Adviser believes a short-term opportunity for a more-effective hedge is available, it may also use total return swaps that use equities, equity indexes or equity ETFs as reference assets to manage interest rate and credit risk. The Adviser closes derivative positions when it believes the related risk is no longer significant or to use a more efficient or cost-effective derivative.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="text-decoration: underline"><i>Income Generating Option Strategy</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Fund may invest up to 20% of the Fund’s portfolio in derivatives to generate additional income. To do so, the Fund employs an option and option spread writing strategy on instruments linked to equities, debt, volatility indices, commodities, and currencies. The equity and fixed income strategies include primarily U.S. companies but may include companies from both emerging and developed foreign markets and may include companies of any market capitalization. The commodity strategies may include all types of commodities and commodity indexes. Currency strategies are those that attempt to profit from the changes in the relative value of various currencies. Volatility strategies are those that attempt to profit from the changes in the historical or implied return volatility of futures or securities indexes. Volatility is a measure of a reference asset’s historical or expected future price movements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">A call option gives the owner the right, but not the obligation, to buy an 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 an asset at a specified price (strike price) within a specific time period. By selling put and call options in return for the receipt of premiums (the purchase price of an option), the Adviser attempts to increase Fund income as the passage of time decreases the value of the written options. Gains from written option premiums are capital gains, but commonly referred to as income. The option writing strategy is a form of leveraged investing. The Adviser focuses on writing short-term options with less than one-month to maturity because their value erodes faster than long-term options.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Call Spread Sub-Strategy</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">When the Adviser believes an asset’s price will decrease, remain unchanged, or only increase slightly it employs a call spread strategy. In a call option spread, the Fund sells (writes) an out of the money (above current market price) call option while also purchasing a further out of the money call option.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Put Spread Sub-Strategy</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">When the Adviser believes an asset’s price will increase, remain unchanged, or only decrease slightly it employs a put spread strategy. In a put option spread, the Fund sells (writes) an out of the money (below current market price) put option while also purchasing a further out of the money put option.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Adviser expects the written options to expire worthless, but purchases lower-cost further out of the money options to insulate the Fund from large losses if the written options increase in value. The Adviser expects options to be held to expiration but may adjust positions following a large (over 10%) price swing in an option’s reference asset.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Fund also holds cash and invests in cash-like instruments or high-quality short term fixed income securities to serve as collateral for swaps, futures and assuring its performance to an option buyer when writing options (collectively, “Collateral”). The Collateral may consist of (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds (including affiliated money market ETFs); (3) fixed income ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by companies that are rated investment grade or of comparable quality. The Adviser considers an unrated security to be of comparable quality to a security rated investment grade if it believes it has a similar low risk of default.</p> The Fund has adopted a non-fundamental investment policy that, under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in securities that provide exposure to high yield securities, also known as junk bonds. <p id="xdx_A81_eoef--RiskTextBlock_zogNw5XYorH3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Principal Investment Risks: </b><i><span id="xdx_90F_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000075090Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zVSHv1o6fSJ3">As with all funds, there is the risk that you could lose money through your investment in the Fund.</span> Many factors affect the Fund’s net asset value and price of shares and performance.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The following describes the principal risks the Fund bears with respect to its investments. <span id="xdx_90C_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000075090Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zWTCXbBS7ZP9">As with any fund, there is no guarantee that the Fund will achieve its goal.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 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. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--JunkBondRiskMember_zuRMXUyAE8V8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Junk Bond Risk. </i>Lower-quality bonds, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund’s ability to sell its bonds. Longer maturity and longer duration bond prices will decline more in response to rising interest rates. The lack of a liquid market for these bonds could decrease the Fund’s share price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_z5m7wYFQ1ab8" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Active Management Risk</i>. 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashOrCashEquivalentsRiskMember_zvtAeJ1tEvl6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Cash or Cash Equivalents Risk.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommodityAndCurrencyRiskMember_zf5jL2daAjK8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Commodity and Currency Risk. </i>Investments linked to commodities or currencies can be highly volatile compared to investments in traditional securities, and may experience large losses. The value of instruments linked to commodities or currencies may be affected by market movements, commodity or currency benchmarks (as the case may be), volatility, changes in interest rates, or factors affecting a particular industry, commodity or currency. For example, commodities may be affected by numerous factors, including drought, floods, fires, weather, livestock disease, pipeline ruptures or spills, embargoes, tariffs and international, economic, political or regulatory developments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_znWXGgvu7331" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Derivatives Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zdr3YeNIC90h" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Early Close/Trading Halt Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zqn1A2dmXl7e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Equity Securities Risk.</i> The net asset value of the Fund will fluctuate based on changes in the value of the equity securities that serve as reference assets to a total return swap, option, or future 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfStructureRisksMember_zlz8ZFJypyv1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>ETF Structure Risks: </i>The Fund is structured as an ETF and will invest in underlying ETFs. As a result, the Fund is subject to special risks, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Not Individually Redeemable</i>. The Fund’s shares (“Shares”) are not redeemable by retail investors and may be redeemed only by 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Trading Issues</i>. Trading in Shares on 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Market Price Variance Risk</i>. 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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 for 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Authorized Participant Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zQanlbYRlvWl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Fixed Income Securities Risk</i>. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesRiskMember_zzWOq9jRX5Mh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Futures Risk. </i>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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_z1H3RlDpX24h" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Leverage Risk.</i> The use of leverage by the Fund, such as the use of derivatives, will cause the Fund to incur additional expenses and magnify the Fund’s gains or losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_z2ajwhVC5pG6" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Market and Geopolitical Risk. </i>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 Funds’ portfolios 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 and wars, 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionRiskMember_zpb7y6rRTis6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Option Risk.</i> As the buyer of a put or call options, the Fund risks losing the entire premium invested in the option if the Fund does not exercise the option.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--OverthecounterMarketRiskMember_zdOq78hziYi3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Over-the-Counter Market Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_za6iM5mTHYc9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Swap Risk.</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundRiskMember_z42P0Fbx90gh" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Underlying Fund Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--AffiliatedMoneyMarketETFConflictOfInterestRiskMember_zLDqavUCVdh1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Affiliated Money Market ETF Conflict of Interest Risk.</i> 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.</p> <p id="xdx_A88_eoef--PerformanceNarrativeTextBlock_z4khTc7CKEsj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Performance: </b><span id="xdx_90A_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20261028__20261028__dei--LegalEntityAxis__custom--S000075090Member_zUifjPXrcbQc">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 and an additional index.</span> The additional index tracks U.S. high-yield corporate bonds and is included as a performance benchmark relevant to the Fund’s high-yield fixed income investment strategy. <span id="xdx_901_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000075090Member_zwMjVrzy4hK2">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </span>Updated performance information is available at no cost by visiting <span id="xdx_905_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000075090Member_zsJvXaQYCcPh"><span style="text-decoration: underline">www.simplify.us/etfs</span> </span>or by calling <span id="xdx_90D_eoef--PerformanceAvailabilityPhone_c20261028__20261028__dei--LegalEntityAxis__custom--S000075090Member_zPjOxVX079Rk">1 (855) 772-8488</span>.</p> 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 and an additional 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 <p id="xdx_A86_eoef--BarChartTableTextBlock_znc2h6iWdqVj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><img alt="" src="pro-cdx_001.jpg" style="height: 270px; width: 450px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> </p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_z067IO3gPLx7" 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%">2023</td> <td id="xdx_98C_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000233895Member_zdun3MbYcy8i" style="display: none; text-align: center; width: 50%">12.48%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_98D_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000233895Member_zkLOJwlEk2Zb" style="display: none; text-align: center">8.62%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_98D_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000233895Member_zJPGozZkG8Lf" style="display: none; text-align: center">8.67%</td></tr> </table> 0.1248 0.0862 0.0867 <p id="xdx_A8D_eoef--BarChartClosingTextBlock_zf7Fp6bPkVRb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify; text-indent: 0.5in">During the periods shown in the bar chart above, the Fund’s <span id="xdx_906_eoef--HighestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000075090Member_zy9gkRVxzV7j">highest quarterly return</span> was <span id="xdx_902_eoef--BarChartHighestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000075090Member_zp5DGDE2k0l">6.58% </span>(quarter ended <span id="xdx_90D_eoef--BarChartHighestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000075090Member_zvtyrpeIaJWg">December 31, 2023</span>) and the Fund’s <span id="xdx_900_eoef--LowestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000075090Member_zB5hTs79ddG2">lowest quarterly return</span> was <span id="xdx_907_eoef--BarChartLowestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000075090Member_zOjHjMaqWIPf">-1.55% </span>(quarter ended <span id="xdx_909_eoef--BarChartLowestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000075090Member_zaL7jC5RORD3">December 31, 2024</span>). The calendar <span id="xdx_905_eoef--YearToDateReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000075090Member_zgKCANVzF6h3">year-to-date total return</span> of the Fund as of <span id="xdx_90F_eoef--BarChartYearToDateReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000075090Member_zdjgZYpBHva4">September 30, 2026</span> was <span id="xdx_907_eoef--BarChartYearToDateReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000075090Member_zmf0YvNiYPsg">(3.91)%</span>.</p> highest quarterly return 0.0658 2023-12-31 lowest quarterly return -0.0155 2024-12-31 year-to-date total return 2026-09-30 -0.0391 Average Annual Total Returns for the Periods Ended December 31, 2025 <div id="xdx_A88_eoef--PerformanceTableTextBlock_zCqLcFvPBFa1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zyCmYfRWF1kb" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: bottom"> </td> <td style="vertical-align: bottom; text-align: center"> </td> <td colspan="2" id="xdx_498_20250101__20251231_zMoHp2WDQn4d" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td style="vertical-align: bottom; text-align: center"> </td> <td style="vertical-align: bottom; text-align: center"> </td> <td colspan="2" id="xdx_498_20220214__20251231_zGPmoadwYQx6" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>Since<br/> Inception<br/> (<span id="xdx_90F_eoef--PerfInceptionDate_c20261028__20261028__oef--ClassAxis__custom--C000233895Member_zvbiHb2MIeSc">2/14/22</span>)</b></span></td> <td style="vertical-align: bottom; text-align: center"> </td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000233895Member_zPnQIHSwXcMh" style="background-color: Gainsboro"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 76%"><span style="font-size: 10pt">Return Before Taxes</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 1%"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 9%; text-align: right"><span style="font-size: 10pt">8.67</span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt">%</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 1%"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 9%; text-align: right"><span style="font-size: 10pt">5.32</span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000233895Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zGtk7J9nA0g" style="background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt">Return After Taxes on Distributions</span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">5.70</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">1.93</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000233895Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zS7o4s2lu0Gf" style="background-color: Gainsboro"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">5.17</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">2.55</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000233895Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_z17RCXMGcgF9" style="background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt">Bloomberg U.S. Aggregate Bond Index (<span id="xdx_903_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261028__20261028__dei--LegalEntityAxis__custom--S000075090Member_zJjTvdDkCy4d">reflects no deduction for fees, expenses or taxes</span>)</span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">7.30</span></td> <td style="padding-bottom: 0.5pt; vertical-align: bottom"><span style="font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">0.98</span></td> <td style="padding-bottom: 0.5pt; vertical-align: bottom"><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000233895Member__oef--PerformanceMeasureAxis__custom--ICEBofAUSHighYieldIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zig69Ahj2Eph" style="background-color: Gainsboro"> <td style="padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">ICE BofA US High Yield Index (<span id="xdx_90A_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261028__20261028__dei--LegalEntityAxis__custom--S000075090Member_zDVdqF9rkqV1">reflects no deduction for fees, expenses or taxes</span>)</td> <td style="padding-bottom: 1pt; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right">8.50</td> <td style="padding-bottom: 0.5pt; vertical-align: bottom">%</td> <td style="padding-bottom: 1pt; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right">5.67</td> <td style="padding-bottom: 0.5pt; vertical-align: bottom">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> 2022-02-14 0.0867 0.0532 0.0570 0.0193 0.0517 0.0255 reflects no deduction for fees, expenses or taxes 0.0730 0.0098 reflects no deduction for fees, expenses or taxes 0.0850 0.0567 <p id="xdx_A86_eoef--PerformanceTableClosingTextBlock_zsiicLPQumG7" style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span id="xdx_906_eoef--PerformanceTableUsesHighestFederalRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000075090Member_zs900nJ5hHn6">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.</span> <span id="xdx_909_eoef--PerformanceTableNotRelevantToTaxDeferred_c20261028__20261028__dei--LegalEntityAxis__custom--S000075090Member_zxE1B9G0O5kc">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.</span></p> 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. FUND SUMMARY – SIMPLIFY INTEREST RATE HEDGE ETF <p id="xdx_A85_eoef--ObjectivePrimaryTextBlock_zjSvSDI9y0Jf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Investment Objective: </b>The Simplify Interest Rate Hedge ETF (the “Fund” or “PFIX”) seeks to hedge interest rate movements arising from rising long-term interest rates, and to benefit from market stress when fixed income volatility increases, while providing the potential for income.</p> <p id="xdx_A87_eoef--ExpenseNarrativeTextBlock_zrwNirnH6JV" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Fees and Expenses of the Fund: </b>This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>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.</b></p> <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_z8yyC9r8Srwd"></div> <table cellpadding="3" cellspacing="0" id="xdx_A54_dU_zN6JcppLJEE3" 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="font: 10pt Times New Roman, Times, Serif; background-color: gainsboro"> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; width: 65%"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses<br/> </b>(expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_498_20261028__20261028__dei--LegalEntityAxis__custom--S000071793Member__oef--ClassAxis__custom--C000227299Member_z5QF5EcC07fl" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center"><span style="font-size: 10pt"> </span></td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zsnatFl3Sjml" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><span style="font-size: 10pt">Management Fees</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.50%</span></td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zioi2yQ0XV1k" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><span style="font-size: 10pt">Distribution and Service (12b-1) Fees </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zIZQtaW90aJ9" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">Other Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.00%</td></tr> <tr id="xdx_402_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zZFabcBg0F26" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">Acquired Fund Fees and Expenses<sup id="xdx_F4B_zwB84ZgsLjre">(1)</sup></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.03%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_z4kVrPux1o8j" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><span style="font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.53%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto;width: 80%"> <tr style="vertical-align: top"> <td style="width: 0.25in; font-size: 10pt; text-align: justify"><span id="xdx_F06_zIhDTXmXitAc" style="font-size: 10pt">(1)</span></td> <td style="font-size: 10pt; text-align: justify"><span id="xdx_F1A_zq287ZpOoiRh" style="font-size: 10pt"><span id="xdx_90C_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20261028__20261028__dei--LegalEntityAxis__custom--S000071793Member_zEocFDZhIQna"> 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.</span></span></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. <p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_zYVQZUSXojS8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b><i>Example: </i></b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">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. <span id="xdx_901_eoef--ExpenseExampleByYearCaption_c20261028__20261028__dei--LegalEntityAxis__custom--S000071793Member_zxZk95TU3mxc">Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span></p> Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zsrpTTgeoeq7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zoqU0I8715Z4" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: gainsboro"> <td id="xdx_481_eoef--ExpenseExampleYear01_zwuoQfSrzWz4" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_48F_eoef--ExpenseExampleYear03_z0gZCxvSY2v3" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 13%; text-align: center"><span style="font-size: 10pt"><b>3 Years</b></span></td> <td id="xdx_481_eoef--ExpenseExampleYear05_zGHPOQGPny7c" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 13%; text-align: center"><span style="font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_480_eoef--ExpenseExampleYear10_zuVPhGNp3CX" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; text-align: center"><span style="font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_413_20261028__20261028__dei--LegalEntityAxis__custom--S000071793Member__oef--ClassAxis__custom--C000227299Member_zVwgujlBb071" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">$54</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">$170</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">$296</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">$665</span></td></tr> </table> 54 170 296 665 <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_zNqGd7ooqgl3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b><i>Portfolio Turnover: </i></b>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 <span id="xdx_900_eoef--PortfolioTurnoverRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000071793Member_z92O8IoZTopb">0%</span> of the average of its portfolio.</p> 0 <p id="xdx_A81_eoef--StrategyNarrativeTextBlock_zrFpua4uLCe2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0in; margin-bottom: 0pt; text-align: justify"><b>Principal Investment Strategies: </b>The Adviser seeks to achieve the Fund’s investment objective by allocating the Fund’s assets approximately equally between:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">interest rate related derivatives and</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">interest income producing debt instruments.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Adviser expects to allocate assets among derivatives and debt instruments, depending upon market conditions. The Adviser seeks to achieve the interest rate hedging aspect of the Fund’s investment objective by investing in swaptions, interest rate options, and Treasury futures. Consequently, the Fund’s portfolio will be highly sensitive to changes in interest rates. A swaption is an option to enter into a swap contract. The Fund also may short swaptions. The Fund may purchase payer swaptions that give the Fund the option to enter into fixed interest rate swaps upon expiration of the swaption. These instruments have positive price sensitivity to rising interest rates. Opposite to bond prices which typically fall when interest rates rise, it is expected that the Fund will benefit from swaption value increases, providing a hedge against the rising interest rates. Consequently, when viewed from a total return perspective, price gains in these instruments will tend to offset the effect of lower debt prices caused by rising interest rates. These derivatives are selected to protect against rising long-term interest rates on high-quality instruments such as U.S. government securities and high-quality corporate debt. To select a derivative that it believes will produce the most effective hedge against rising interest rates, the Adviser assesses the interaction of maturity, strike price, reference interest rate, the risk-free rate, and volatility on the price of swaptions and interest rate options. While the investment focus of the interest rate related derivatives strategy is on gains from rising rates, to a lesser extent the Adviser’s selection process is also intended to generate gains from option and swaption positions when interest rate volatility increases. Specifically, the Adviser will tend to increase allocations to swaptions and interest rate options when it believes interest rate volatility is poised to increase as these instruments become more valuable in higher volatility environments. The Adviser rebalances derivative exposure after extreme rate movements (for example, 0.50%) or after the passage of time has significantly changed the rate sensitivity of a derivative. As time passes, swaptions and interest rate options become less sensitive to movements in the reference swap rate or interest rate. The Adviser does not take speculative positions based on its forecast for interest rates. The Fund limits net economic exposure at the time of investment to any one over-the-counter counterparty to 25% of Fund net assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0in; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0in; margin-bottom: 0pt; text-align: justify">The Adviser seeks to achieve the income aspect of the Fund’s investment objective by investing U.S. Treasury securities, U.S. Treasury Inflation-Protected Securities (“TIPS”), exchange traded funds that primarily invest in U.S. Treasuries, TIPS, and investment grade bonds. TIPS are securities whose principal amount increases with inflation, as measured by the Consumer Price Index and are designed to protect investors from inflation risk. The Fund may purchase debt securities of any maturity. The Adviser may invest in affiliated money market ETFs to manage liquidity or to pledge as collateral for derivatives.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0in; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0in; margin-bottom: 0pt; text-align: justify">Generally, the Fund’s strategy may be appropriate for investors who are seeking to hedge against rising interest rates. The Fund’s strategy may also be appropriate to help hedge real estate securities portfolios, as rising interest rates have historically led to sell-offs in real estate’ and growth equities, that are often negatively correlated with rising interest rates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When using various derivatives, the Fund may be required to post collateral to assure its performance. The Fund will hold cash and cash-like instruments or high-quality short term fixed income securities (collectively, “Collateral”). The Collateral may consist of (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds (including affiliated money market ETFs); (3) fixed income ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by companies that are rated investment grade or of comparable quality. The Adviser considers an unrated security to be of comparable quality to a security rated investment grade if it believes it has a similar low risk of default.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended, which means that the Fund may invest a higher percentage of its assets in a fewer number of issuers than is permissible for a “diversified” Fund.</p> <p id="xdx_A8E_eoef--RiskTextBlock_zjoaF2MAJWqe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Principal Investment Risks: </b><i><span id="xdx_907_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000071793Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zqq7WTsYzWfb">As with all funds, there is the risk that you could lose money through your investment in the Fund.</span> Many factors affect the Fund’s net asset value and price of shares and performance.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The following describes the principal risks the Fund bears with respect to its investments. <span id="xdx_90F_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000071793Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zF2lBrvKwZy3">As with any fund, there is no guarantee that the Fund will achieve its goal</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 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 <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwaptionsRiskMember_zcUEk8Oy9s3e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Swaptions Risk.</i> A swaption is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. The Fund may write (sell) and purchase put and call swaptions. Depending on the terms of the particular option agreement, the Fund will generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When the Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when the Fund writes a swaption, it becomes obligated (if the option is exercised) according to the terms of the underlying agreement. These swaptions are highly sensitive to changes in interest rates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zcutVhIm2jK1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Active Management Risk</i>. 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 strategy is highly sensitive to changes in interest rates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashOrCashEquivalentsRiskMember_zCkvqL9Hetd6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Cash or Cash Equivalents Risk.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--VolatilityRiskMember_zYAbsYqeqRQ3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Volatility Risk. </i>Significant short-term price movements could adversely impact the performance of the Fund. The Fund’s performance may be volatile, which means that the Fund’s performance may be subject to substantial short-term changes up or down.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryAndAgencyMarketRiskMember_zBiAP493JCM9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>U.S. Treasury and Agency Market Risk.</i> The U.S. Treasury and agency market can be volatile, and the value of instruments correlated with these markets may fluctuate dramatically from day to day. U.S. Treasury and agency obligations may provide relatively lower returns than those of other securities. Similar to other debt instruments, U.S. Treasury and agency obligations are subject to debt instrument risk and interest rate risk. In addition, changes to the financial condition or credit rating of the U.S. Government may cause the value of U.S. Treasury and agency obligations to decline. U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and are generally considered to have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_z834UV5jyTh2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Counterparty Risk. </i>Counterparty risk is the risk that a counterparty to a financial instrument held by the Fund or by a special purpose or structured vehicle invested in by the Fund may become insolvent or otherwise fail to perform its obligations, and the Fund may obtain no or limited recovery of its investment, and any recovery may be significantly delayed.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zUZX5hVYedof" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Derivatives Risk.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesRiskMember_zu4JrEdtLPFf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Futures Risk.</i> 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. Investments in futures involve leverage, which means a small percentage of assets invested in futures can have a disproportionately large impact on the Fund. This risk could cause the Fund to lose more than the principal amount invested. Futures contracts may become mispriced or improperly valued when compared to the Adviser’s expectation and may not produce the desired investment results. Additionally, changes in the value of futures contracts may not track or correlate perfectly with the underlying index because of temporary, or even long-term, supply and demand imbalances and because futures do not pay interest unlike the securities upon which they are based.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zMMGPrsIV62l" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Early Close/Trading Halt Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfStructureRisksMember_zzXQYIs112L2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>ETF Structure Risks. </i>The Fund is structured as an ETF and will invest in underlying ETFs. As a result, the Fund is subject to special risks, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Not Individually Redeemable</i>. The Fund’s shares (“Shares”) are not redeemable by retail investors and may be redeemed only by authorized participants (“Authorized Participant”) at net asset value (“NAV”) and only in Creation Units. A retail investor generally incurs brokerage costs when selling shares.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Trading Issues</i>. 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Market Price Variance Risk</i>. 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Authorized Participant Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_ztIFE4BLYBCk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Fixed Income Securities Risk. </i>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zC1T4aLZfDth" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Leverage Risk.</i> The use of leverage by the Fund, such as borrowing money to purchase securities or the use of options, will cause the Fund to incur additional expenses and magnify the Fund’s gains or losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zrIMCJGfWNbf" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Market and Geopolitical Risk. </i>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 Funds’ portfolios 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 and wars, 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zoy0nnxNh605" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Non-Diversification Risk.</i> <span id="xdx_900_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000071793Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zUw9q4ky319j">Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionRiskMember_zwjWErS4BN1d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Option Risk.</i> There are risks associated with the sale and purchase of call and put options. As a seller (writer) of a put option, the Fund will tend to lose money if the value of the reference index or security falls below the strike price. As the seller (writer) of a call option, the Fund will tend to lose money if the value of the reference index or security rises above the strike price. As the buyer of a put or call option, the Fund risks losing the entire premium invested in the option if the Fund does not exercise the option. The type of options the Fund may use are highly sensitive to changes in interest rates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--OverthecounterMarketRiskMember_zJhToeHmwhl7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Over-the-Counter Market Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--PremiumdiscountTradingRiskMember_zOp2AWUxQKn2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Premium/Discount Trading Risk.</i> The Fund may trade at greater than 2% premium to its NAV because of typical bid-offer spreads for OTC products and a credit support annex that is specific to a fund registered under the 1940 Act. In periods of outflows, the Fund may trade at greater than 2% discount to its NAV for the same reason. Such variations in the premium or discount may have disparate effects on certain shareholders. Shareholders who purchase shares on the secondary market at a premium to NAV may lose disproportionate value if the Fund begins trading at a discount. Similarly, Authorized Participants who wish to redeem creation units at NAV may receive a basket with a per share value below that of the current trading price of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--AffiliatedMoneyMarketETFConflictOfInterestRiskMember_zXvHmdjfDYt9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Affiliated Money Market ETF Conflict of Interest Risk.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundRiskMember_zAkHrIWU7sPc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Underlying Fund Risk. </i>ETFs and ETPs 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 ETPs and may be higher than other funds that invest directly in stocks and bonds. Each of the ETFs and ETPs 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> <p id="xdx_A89_eoef--PerformanceNarrativeTextBlock_zVgVkqW1R7s3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Performance: </b><span id="xdx_906_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20261028__20261028__dei--LegalEntityAxis__custom--S000071793Member_zILakMRDtxd8">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 and an additional index. The additional index tracks long-duration U.S. Treasury bonds and is included as a performance benchmark that reflects the interest rate sensitivity the Fund seeks to hedge against.</span> <span id="xdx_903_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000071793Member_zFYIADVfFs2l">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. </span>Updated performance information is available at no cost by visiting <span id="xdx_90E_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000071793Member_zh9omCKFpDka"><span style="text-decoration: underline">www.simplify.us/etfs</span> </span>or by calling <span id="xdx_90B_eoef--PerformanceAvailabilityPhone_c20261028__20261028__dei--LegalEntityAxis__custom--S000071793Member_zSk38xNqBhTj">1 (855) 772-8488</span>.</p> 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 and an additional index. The additional index tracks long-duration U.S. Treasury bonds and is included as a performance benchmark that reflects the interest rate sensitivity the Fund seeks to hedge against. 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 <p id="xdx_A8D_eoef--BarChartTableTextBlock_zPmn0f7J7tD6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><img alt="" src="pro-pfix_001.jpg" style="height: 270px; width: 450px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"> </p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zOfNpOULxEjc" 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="text-align: center; display: none">Years</th> <th style="text-align: center; display: none">Returns</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center; display: none; width: 50%">2022</td> <td id="xdx_982_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000227299Member_zsBVqFBLYi22" style="text-align: center; display: none; width: 50%">93.93%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center; display: none">2023</td> <td id="xdx_983_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000227299Member_z8aUdQ6PWaPf" style="text-align: center; display: none">4.20%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center; display: none">2024</td> <td id="xdx_985_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000227299Member_zeH40wUudbZ4" style="text-align: center; display: none">36.46%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center; display: none">2025</td> <td id="xdx_986_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000227299Member_zLfmDBRIPTke" style="text-align: center; display: none">1.12%</td></tr> </table> 0.9393 0.0420 0.3646 0.0112 <p id="xdx_A89_eoef--BarChartClosingTextBlock_ztUuEpN1kIz9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify; text-indent: 0.5in">During the periods shown in the bar chart above, the Fund’s <span id="xdx_90B_eoef--HighestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000071793Member_zsAM8ib5KYq">highest quarterly return</span> was <span id="xdx_901_eoef--BarChartHighestQuarterlyReturn_dp_c20261028__20261028__dei--LegalEntityAxis__custom--S000071793Member_zdHf4AOB3Wkg">48.64% </span>(quarter ended <span id="xdx_905_eoef--BarChartHighestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000071793Member_z6z7UsKEz2r5">September 30, 2023</span>) and the Fund’s <span id="xdx_901_eoef--LowestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000071793Member_zLbF0FHcJT62">lowest quarterly return</span> was <span id="xdx_904_eoef--BarChartLowestQuarterlyReturn_dp_c20261028__20261028__dei--LegalEntityAxis__custom--S000071793Member_zzvCCC4BcRzi">-21.57% </span>(quarter ended <span id="xdx_900_eoef--BarChartLowestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000071793Member_zXGJbaINWPe8">December 31, 2023</span>). The calendar <span id="xdx_90E_eoef--YearToDateReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000071793Member_zcEjXZerk0Dj">year-to-date total return</span> of the Fund as of <span id="xdx_902_eoef--BarChartYearToDateReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000071793Member_zNTD60wgE6oa">September 30, 2026</span> was <span id="xdx_901_eoef--BarChartYearToDateReturn_dp_c20261028__20261028__dei--LegalEntityAxis__custom--S000071793Member_zzJeXi08hnr4">33.45%</span>.</p> highest quarterly return 0.4864 2023-09-30 lowest quarterly return -0.2157 2023-12-31 year-to-date total return 2026-09-30 0.3345 Average Annual Total Returns for the Periods Ended December 31, 2025 <div id="xdx_A84_eoef--PerformanceTableTextBlock_zuAg4KtHkN8c"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zDUWujUgFp4f" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td colspan="2" id="xdx_49E_20250101__20251231_zEvriIStw4Sk" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td colspan="2" id="xdx_493_20210510__20251231_zjmiZEUuMdVe" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>Since <br/> Inception<br/> (<span id="xdx_906_eoef--PerfInceptionDate_c20261028__20261028__oef--ClassAxis__custom--C000227299Member_zgbBaaQZEkYc">5/10/21</span>)</b></span></td> <td style="vertical-align: bottom"> </td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000227299Member_zBMQVFESQusa" style="background-color: Gainsboro"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top; width: 76%"><span style="font-size: 10pt">Return Before Taxes</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 1%"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 9%; text-align: right"><span style="font-size: 10pt">1.12</span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt">%</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 1%"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 9%; text-align: right"><span style="font-size: 10pt">17.19</span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000227299Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z5RLhbYRi9kf" style="background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-size: 10pt">Return After Taxes on Distributions</span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">-<span style="font-size: 10pt">1.92</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">12.78</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000227299Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zQMAyQBmWfS2" style="background-color: Gainsboro"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-size: 10pt">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">1.46</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">12.56</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000227299Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_zwfpjh03s3aj" style="background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-size: 10pt">Bloomberg U.S. Aggregate Bond Index (<span id="xdx_904_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261028__20261028__dei--LegalEntityAxis__custom--S000071793Member_zCcUzKSZQ1Hb">reflects no deduction for fees, expenses or taxes</span>)</span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">7.30</span></td> <td style="padding-bottom: 0.5pt; vertical-align: bottom"><span style="font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">0.16</span></td> <td style="padding-bottom: 0.5pt; vertical-align: bottom"><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000227299Member__oef--PerformanceMeasureAxis__custom--ICEUSTreasury20PluseYearBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z6uMhwEA6Qj" style="background-color: Gainsboro"> <td style="padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top">ICE US Treasury 20+ Year Bond Index (<span id="xdx_90A_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261028__20261028__dei--LegalEntityAxis__custom--S000071793Member_zL1XJA4wCstf">reflects no deduction for fees, expenses or taxes</span>)</td> <td style="padding-bottom: 1pt; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right">4.29</td> <td style="padding-bottom: 0.5pt; vertical-align: bottom">%</td> <td style="padding-bottom: 1pt; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right">-6.33</td> <td style="padding-bottom: 0.5pt; vertical-align: bottom">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 2021-05-10 0.0112 0.1719 -0.0192 0.1278 0.0146 0.1256 reflects no deduction for fees, expenses or taxes 0.0730 0.0016 reflects no deduction for fees, expenses or taxes 0.0429 -0.0633 <p id="xdx_A85_eoef--PerformanceTableClosingTextBlock_z9sAX2JD7rKb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span id="xdx_905_eoef--PerformanceTableUsesHighestFederalRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000071793Member_zmiPJsbCVnYl">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.</span> <span id="xdx_90D_eoef--PerformanceTableNotRelevantToTaxDeferred_c20261028__20261028__dei--LegalEntityAxis__custom--S000071793Member_zu4uz56tGvgc">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.</span></p> 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. FUND SUMMARY – SIMPLIFY INTERMEDIATE TERM TREASURY FUTURES STRATEGY ETF <p id="xdx_A85_eoef--ObjectivePrimaryTextBlock_zAoMltpzUJd5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Investment Objective: </b>The Simplify Intermediate Term Treasury Futures Strategy ETF (the “Fund” or “TYA”) seeks to provide total return, before fees and expenses, that matches or outperforms the performance of the ICE US Treasury 20+ Year Index on a calendar quarter basis. The Fund does not seek to achieve its stated investment objective over a period of time different than a full calendar quarter.</p> <p id="xdx_A8B_eoef--ExpenseNarrativeTextBlock_zGw37TYm6L4f" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Fees and Expenses of the Fund: </b>This table describes the fees and expenses that you may pay if you buy, sell, and hold shares of the Fund. <b>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.</b></p> <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_zmVZ9H5Hsz8d"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5C_dU_zYgWIm9dG2F3" 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="font: 10pt Times New Roman, Times, Serif; background-color: gainsboro"> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; width: 65%"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses<br/> </b>(expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_49E_20261028__20261028__dei--LegalEntityAxis__custom--S000073384Member__oef--ClassAxis__custom--C000230231Member_zQUOMNfGebJd" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center"><span style="font-size: 10pt"> </span></td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_ztLzaWT5Oypc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><span style="font-size: 10pt">Management Fees</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.25%</span></td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zGVomCCz4ik5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><span style="font-size: 10pt">Distribution and Service (12b-1) Fees </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zkvI1ZvsIoGk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><span style="font-size: 10pt">Other Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.01%</span></td></tr> <tr id="xdx_409_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zfyF6h1v70ce" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><span style="font-size: 10pt">Acquired Fund Fees and Expenses<sup id="xdx_F4B_zhY2HTfMihf1">(1)</sup></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.12%</span></td></tr> <tr id="xdx_403_eoef--NetExpensesOverAssets_dpn_zPDqwZPrLhUf" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><span style="font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.38%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <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 style="width: 0.25in; font-size: 10pt; text-align: justify"><span id="xdx_F07_z8QdaFBLKijb" style="font-size: 10pt">(1)</span></td> <td style="font-size: 10pt; text-align: justify"><span id="xdx_F16_zVQdWXHFoiq3" style="font-size: 10pt"> 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.</span></td></tr> </table> 0.0025 0.0000 0.0001 0.0012 0.0038 <p id="xdx_A81_eoef--ExpenseExampleNarrativeTextBlock_zpqGp7qhp21i" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b><i>Example: </i></b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt">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. <span id="xdx_908_eoef--ExpenseExampleByYearCaption_c20261028__20261028__dei--LegalEntityAxis__custom--S000073384Member_zC3Mf1QbAWAk">Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_zyDBvfYiVORl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_z9sKnaqZxTF2" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: gainsboro"> <td id="xdx_488_eoef--ExpenseExampleYear01_zSo5IBjjoIN6" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_480_eoef--ExpenseExampleYear03_zsWIGs71TcB9" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 13%; text-align: center"><span style="font-size: 10pt"><b>3 Years</b></span></td> <td id="xdx_483_eoef--ExpenseExampleYear05_zdl9WSK2Siv9" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 13%; text-align: center"><span style="font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_480_eoef--ExpenseExampleYear10_zK34Dqzopj0d" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; text-align: center"><span style="font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_414_20261028__20261028__dei--LegalEntityAxis__custom--S000073384Member__oef--ClassAxis__custom--C000230231Member_zmjNgTR5axN1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">$34</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">$117</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">$207</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">$472</span></td></tr> </table> 34 117 207 472 <p id="xdx_A81_eoef--PortfolioTurnoverTextBlock_zXFCixKyRgQ3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b><i>Portfolio Turnover: </i></b>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 <span id="xdx_90F_eoef--PortfolioTurnoverRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000073384Member_ztdsIddzbLMi">0%</span> of the average value of its portfolio.</p> 0 <p id="xdx_A81_eoef--StrategyNarrativeTextBlock_z3yP8M6bIBy1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Principal Investment Strategies: </b>The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to provide total return, before fees and expenses, that matches or outperforms the performance of the ICE US Treasury 20+ Year Index (the “Index”) for a calendar quarter, not for any other period. 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 futures contracts, call options, and put options on U.S. treasury futures, U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury or fixed income ETFs that invest in U.S. Treasuries. The Adviser may invest in affiliated money market ETFs to manage liquidity or to pledge as collateral for derivatives. The Fund may hold cash and cash-like instruments or high-quality short term fixed income securities (collectively, “Collateral”). The Collateral may consist of (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury with a duration of less than two years; (2) money market funds (including affiliated money market ETFs); (3) fixed income ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by companies that are rated investment grade or of comparable quality.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The Fund rebalances its holdings no less frequent than quarterly to position its portfolio so that its exposure to the Index is consistent with its quarterly investment objective. The impact of changes to the value of the Index each quarter will affect whether the Fund’s portfolio needs to be rebalanced.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The Index is a non-investable index that is part of a series of indices intended to assess U.S. Treasury issued debt. The Index consists of only U.S. dollar denominated, fixed rate securities with a minimum term to maturity greater than twenty years.</p> <p id="xdx_A8B_eoef--RiskTextBlock_zZVKpNJdyqO4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Principal Investment Risks: </b><i><span id="xdx_90F_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000073384Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zyGOixejcURi">As with all funds, there is the risk that you could lose money through your investment in the Fund.</span> Many factors affect the Fund’s NAV and price of shares and performance.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The following describes the principal risks the Fund bears with respect to its investments. <span id="xdx_903_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000073384Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zl7No8tsd0Be">As with any fund, there is no guarantee that the Fund will achieve its goal.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 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. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuriesRiskMember_zZ6w2NJr7Ic3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>U.S. Treasuries Risk. </i>U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesRiskMember_zrrPoGmaGJXd" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Futures Risk</i>. 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. Investments in futures involve leverage, which means a small percentage of assets invested in futures can have a disproportionately large impact on the Fund. This risk could cause the Fund to lose more than the principal amount invested. Futures contracts may become mispriced or improperly valued when compared to the Adviser’s expectation and may not produce the desired investment results. Additionally, changes in the value of futures contracts may not track or correlate perfectly with the underlying index because of temporary, or even long-term, supply and demand imbalances and because futures do not pay interest unlike the securities upon which they are based. When short-term borrowing rates are higher than short-term, medium-term, or long-term U.S. Treasury rates, the use of futures will tend to detract from the Fund’s returns.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--QuarterlyRebalancingRiskMember_z8Lmv757hj2g" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Quarterly Rebalancing Risk. </i>The quarterly rebalancing of the futures contracts underlying the Index may impact trading in such futures contracts. For example, such trading may cause Futures Commission Merchants to adjust their hedges. The trading activity associated with such transactions will contribute to the existing trading volume of the underlying futures contracts and may adversely affect the market price of such underlying futures contracts and in turn the level of the Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShorttermInvestmentRiskMember_zxlKMhzq1Zk5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Short-Term Investment Risk.</i> Investors holding shares of the Fund over longer-term periods may be subject to increased risk of loss. The Fund is intended to be used only for short-term investment horizons. An investor in the Fund can lose all or a substantial portion of his or her investment within a single day. The longer an investor’s holding period in the Fund, the greater the potential for loss.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zjTELXW6NVS3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Active Management Risk. </i>The Fund is subject to the risk that the investment management strategy may not produce the intended results and may negatively impact Fund performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashOrCashEquivalentsRiskMember_zXZ66Xyae5Kd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Cash or Cash Equivalents Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--AffiliatedMoneyMarketETFConflictOfInterestRiskMember_zfqz1yVxf0M5" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Affiliated Money Market ETF Conflict of Interest Risk.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zcgsbVof5i64" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Counterparty Risk. </i>Counterparty risk is the risk that a counterparty to a financial instrument held by the Fund or by a special purpose or structured vehicle invested in by the Fund may become insolvent or otherwise fail to perform its obligations, and the Fund may obtain no or limited recovery of its investment, and any recovery may be significantly delayed.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zR6eAY4FrJQ7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Derivatives Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zxvmPGokcIX2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Early Close/Trading Halt Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfStructureRisksMember_zG4DyP5XwSG8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>ETF Structure Risks: </i>The Fund is structured as an ETF and will invest in underlying ETFs. As a result, the Fund is subject to special risks, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Not Individually Redeemable</i>. The Fund’s shares (“Shares”) are not redeemable by retail investors and may be redeemed only by 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Trading Issues</i>. Trading in Shares on the CBOE BZX Exchange, 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Market Price Variance Risk</i>. 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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 hares and the Fund’s NAV.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Authorized Participant Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zDm6RRCUleL6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Fixed Income Securities Risk. </i>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zkRIgeYVowCj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Leverage Risk. </i>The use of leverage by the Fund, such as borrowing money to purchase securities or the use of options, will cause the Fund to incur additional expenses and magnify the Fund’s gains or losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zF3kbsBAE7od" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Market and Geopolitical Risk. </i>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 Funds’ portfolios 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, tariffs and trade wars, terrorism, international conflicts and wars, 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionRiskMember_zdZWaMR8q6Wh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Option Risk. </i>As the buyer of a put or call option, the Fund risks losing the entire premium invested in the option if the Fund does not exercise the option.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--OverthecounterMarketRiskMember_zgcoYyqm9SAk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Over-the-Counter Market Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundRiskMember_zkvjkkAgRBgd" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Underlying Fund Risk. </i>ETFs and ETPs 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 ETPs and may be higher than other funds that invest directly in stocks and bonds. Each of the ETFs and ETPs 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> <p id="xdx_A8B_eoef--PerformanceNarrativeTextBlock_zJiVPy7cvKOd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Performance: </b><span id="xdx_909_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20261028__20261028__dei--LegalEntityAxis__custom--S000073384Member_zOgYp1erYGp8">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 and an additional index.</span> The additional index tracks long-duration U.S. Treasury bonds and is included as a performance benchmark that provides context for the broader Treasury market relative to the Fund’s intermediate-term futures positioning. <span id="xdx_90A_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000073384Member_z7tqbC56R0ol">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information is available at no cost by visiting <span id="xdx_906_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000073384Member_zF3aS1FpqXyc"><span style="text-decoration: underline">www.simplify.us/etfs</span> </span>or by calling <span id="xdx_901_eoef--PerformanceAvailabilityPhone_c20261028__20261028__dei--LegalEntityAxis__custom--S000073384Member_zIhRd49lE9c8">1 (855) 772-8488</span>.</p> 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 and an additional 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 <p id="xdx_A83_eoef--BarChartTableTextBlock_zxFyzbNOXLR" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><img alt="" src="pro-tya_001.jpg" style="height: 270px; width: 450px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"> </p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zcJZXMJjuEa9" 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%">2022</td> <td id="xdx_980_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000230231Member_zdT5Er3Bxvyj" style="display: none; text-align: center; width: 50%">-37.27%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_983_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000230231Member_zB2ydlwLs4K9" style="display: none; text-align: center">-2.56%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_98E_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000230231Member_z8b2feJBQt0i" style="display: none; text-align: center">-10.03%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_984_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000230231Member_zLMWg0REaLq9" style="display: none; text-align: center">15.06%</td></tr> </table> -0.3727 -0.0256 -0.1003 0.1506 <p id="xdx_A85_eoef--BarChartClosingTextBlock_z42d84ufbae2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify; text-indent: 0.5in">During the periods shown in the bar chart above, the Fund’s <span id="xdx_90C_eoef--HighestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000073384Member_zPm4FLlp2W38">highest quarterly return</span> was <span id="xdx_905_eoef--BarChartHighestQuarterlyReturn_dp_c20261028__20261028__dei--LegalEntityAxis__custom--S000073384Member_zl9kOgekEKsd">13.71%</span> (quarter ended <span id="xdx_904_eoef--BarChartHighestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000073384Member_zf0qAzhVgT0l">December 31, 2023</span>) and the Fund’s <span id="xdx_902_eoef--LowestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000073384Member_zCma7CHSptYf">lowest quarterly return</span> was <span id="xdx_90B_eoef--BarChartLowestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000073384Member_zIpm4tPRSrqg">-18.22%</span> (quarter ended <span id="xdx_90D_eoef--BarChartLowestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000073384Member_zhBsaQ3dfK">March 31, 2022</span>). The calendar <span id="xdx_901_eoef--YearToDateReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000073384Member_zHIrjLB5vks6">year-to-date total return</span> of the Fund as of <span id="xdx_907_eoef--BarChartYearToDateReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000073384Member_z2uzJtORrH56">September 30, 2026</span> was <span id="xdx_90A_eoef--BarChartYearToDateReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000073384Member_z9JVWB977qe5">(17.70)%</span>.</p> highest quarterly return 0.1371 2023-12-31 lowest quarterly return -0.1822 2022-03-31 year-to-date total return 2026-09-30 -0.1770 Average Annual Total Returns for the Periods Ended December 31, 2025 <div id="xdx_A81_eoef--PerformanceTableTextBlock_z4RRH9i6tinl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zRA9zeNAXQ6a" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td colspan="2" id="xdx_49C_20250101__20251231_zutk1hlFgnkj" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td colspan="2" id="xdx_49F_20210927__20251231_zmEYZgCR3WGd" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>Since <br/> Inception<br/> (<span id="xdx_90B_eoef--PerfInceptionDate_c20261028__20261028__oef--ClassAxis__custom--C000230231Member_zwoQoM1Cjqn5">9/27/21</span></b><b>)</b></span></td> <td style="vertical-align: bottom"> </td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000230231Member_zGqOJknTzgK" style="background-color: Gainsboro"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top; width: 76%"><span style="font-size: 10pt">Return Before Taxes</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 1%"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 9%; text-align: right"><span style="font-size: 10pt">15.06</span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt">%</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 1%"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 9%; text-align: right"><span style="font-size: 10pt">-10.31</span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000230231Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zAWWdVDQ7Cyd" style="background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-size: 10pt">Return After Taxes on Distributions</span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">13.23</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">-11.57</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000230231Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z2ki2Wl0CThd" style="background-color: Gainsboro"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-size: 10pt">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">8.87</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">-7.98</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000230231Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_zpyxG1dVpCO8" style="background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-size: 10pt">Bloomberg U.S. Aggregate Bond Index (<span id="xdx_90A_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261028__20261028__dei--LegalEntityAxis__custom--S000073384Member_z2xw6EM2t5oa">reflects no deduction for fees, expenses or taxes</span>)</span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">7.30</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">-0.12</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000230231Member__oef--PerformanceMeasureAxis__custom--ICEUSTreasury20PluseYearBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zD9yMT0722J3" style="background-color: Gainsboro"> <td style="padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top">ICE US Treasury 20+ Year Bond Index (<span id="xdx_906_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261028__20261028__dei--LegalEntityAxis__custom--S000073384Member_zBdFeCXwMh1a">reflects no deduction for fees, expenses or taxes</span>)</td> <td style="padding-bottom: 1pt; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right">4.29</td> <td style="padding-bottom: 1pt; vertical-align: bottom">%</td> <td style="padding-bottom: 1pt; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right">-8.32</td> <td style="padding-bottom: 1pt; vertical-align: bottom">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 2021-09-27 0.1506 -0.1031 0.1323 -0.1157 0.0887 -0.0798 reflects no deduction for fees, expenses or taxes 0.0730 -0.0012 reflects no deduction for fees, expenses or taxes 0.0429 -0.0832 <p id="xdx_A8C_eoef--PerformanceTableClosingTextBlock_zgeV7IY503Sl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span id="xdx_90A_eoef--PerformanceTableUsesHighestFederalRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000073384Member_zOB63z9iQ1mi">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.</span> <span id="xdx_908_eoef--PerformanceTableNotRelevantToTaxDeferred_c20261028__20261028__dei--LegalEntityAxis__custom--S000073384Member_zFnTwPVqWVKf">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.</span></p> 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. FUND SUMMARY – SIMPLIFY MANAGED FUTURES STRATEGY ETF <p id="xdx_A8A_eoef--ObjectivePrimaryTextBlock_zLcWWHm22su8" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Investment Objective: </b>Simplify Managed Futures Strategy ETF (the “Fund” or “CTA”) seeks long term capital appreciation.</p> <p id="xdx_A8B_eoef--ExpenseNarrativeTextBlock_zc871smLY6If" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Fees and Expenses of the Fund: </b>This table describes the fees and expenses that you may pay if you buy, sell, and hold shares of the Fund. <b>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.</b></p> <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zDGyXP6JPnal"></div> <table cellpadding="3" cellspacing="0" id="xdx_A54_dU_z56eBrBGNIVj" 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="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: gainsboro"> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 65%; vertical-align: top"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses<br/> </b>(expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_497_20261028__20261028__dei--LegalEntityAxis__custom--S000075092Member__oef--ClassAxis__custom--C000233897Member_zlEDPYUT7wfh" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 15%; vertical-align: bottom"><span style="font-size: 10pt"> </span></td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zDJ6VlbFeeCa" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-size: 10pt">Management Fees</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.75%</span></td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zuW26uqkWvbj" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-size: 10pt">Distribution and Service (12b-1) Fees </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zH60BftnGvIe" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-size: 10pt">Other Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.07%</span></td></tr> <tr id="xdx_40A_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zpbf1BsFRsbd" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Acquired Fund Fees and Expenses<sup id="xdx_F43_zpy2v8EHiWAe">(1)</sup></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.09%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_z1WvXYDoY7j4" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.91%</span></td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zF81T63tG4gj" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Fee Waiver<sup id="xdx_F47_zScaRM6CK6u3">(2)</sup></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">(0.05)%</td></tr> <tr id="xdx_40A_eoef--NetExpensesOverAssets_dpn_zp9KBCmGb0Cb" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Total Annual Fund Operating Expenses After Fee Waiver</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.86%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <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; text-align: justify"> <td style="width: 0.25in; text-align: left"><span id="xdx_F0F_zhF1HPISfdW3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="text-align: justify"><span id="xdx_F1B_zZZAHjyU8kvl" style="font-family: Times New Roman, Times, Serif"> 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.</span></td> </tr> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F09_zrGFuJ1Adlf9" style="text-align: left">(2)</td> <td id="xdx_F1C_zRpH7UoArAKd" style="text-align: justify"> The Fund’s adviser has contractually agreed, through at least <span id="xdx_909_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20261028__20261028__dei--LegalEntityAxis__custom--S000075092Member_zTXXH2REoYGi">October 31, 2027</span>, to waive its management fees to 0.70% of the Fund’s average daily net assets. This agreement may be terminated only by the Trust’s Board of Trustees on 60 days’ written notice to the Fund’s adviser.</td></tr> </table> 0.0075 0.0000 0.0007 0.0009 0.0091 -0.0005 0.0086 October 31, 2027 <p id="xdx_A83_eoef--ExpenseExampleNarrativeTextBlock_z4wh4kkDi9O3" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b><i>Example: </i></b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt">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. The Example further assumes that the Fund’s fee waiver agreement will only be in place for the term specified above. <span id="xdx_902_eoef--ExpenseExampleByYearCaption_c20261028__20261028__dei--LegalEntityAxis__custom--S000075092Member_zloXHAtHUQm8">Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span></p> Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zMU5aJuAu6z3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: gainsboro"> <td id="xdx_48D_eoef--ExpenseExampleYear01_zOWj2u5Yufb6" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_481_eoef--ExpenseExampleYear03_z9ZzhFohkOj8" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 13%; text-align: center"><span style="font-size: 10pt"><b>3 Years</b></span></td> <td id="xdx_483_eoef--ExpenseExampleYear05_zCJKuYxDC7jd" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 13%; text-align: center"><span style="font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_48D_eoef--ExpenseExampleYear10_zpmRKkoUuhY7" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; text-align: center"><span style="font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_41B_20261028__20261028__dei--LegalEntityAxis__custom--S000075092Member__oef--ClassAxis__custom--C000233897Member_z2cCfnJsuWMf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">$88</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">$284</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">$498</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">$1,112</span></td></tr> </table> 88 284 498 1112 <p id="xdx_A8F_eoef--PortfolioTurnoverTextBlock_zt4mNftcEPnb" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b><i>Portfolio Turnover: </i></b>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 <span id="xdx_90A_eoef--PortfolioTurnoverRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000075092Member_zCb7UrlQZqC5">0%</span> of the average value of the portfolio.</p> 0 Principal Investment Strategies: <p id="xdx_A88_eoef--StrategyNarrativeTextBlock_z8Puw5Q5hr1c" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt;">The Adviser seeks to achieve the Fund’s investment objective by investing in futures contracts. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEludmVzdG1lbnQgU3RyYXRlZ3kA" id="xdx_90C_efnd--NmRule35d1EightyPctInvstmntPlcyTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000075092Member_zn9VBa6tcLod">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), based on notional value, in futures contracts.</span> A futures contract is a financial agreement between two parties to transact an underlying asset at a specified price on a set future date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt">Under normal market conditions, the Fund invests in a portfolio of equity, U.S. Treasury, commodity, and foreign exchange futures contracts (collectively, “Futures Contracts”). The Fund attempts to capture the economic benefit derived from rising trends based on the price changes of these Futures Contracts. Each month, each Futures Contract will generally be positioned long if it is experiencing a positive price trend. The Fund may take short positions if the Futures Contract is experiencing a negative price trend. This positioning is based on a comparison of the recent returns of each Futures Contract and the Adviser’s models that analyze various inputs including measures of relative and absolute momentum signals (prices trending higher or lower over various look back periods). The Fund will also hold short-term U.S.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">Treasury securities or other high credit quality, short-term fixed-income or similar securities (such as shares of money market funds, including affiliated money market ETFs, and collateralized repurchase agreements) for direct investment or as collateral for Futures Contracts. Reverse repurchase agreements are contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price. Repurchase agreements are primarily used by the Fund as an indirect means of borrowing.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The Fund may use swaps as a supplement to its futures-based strategy. These swaps may use futures, an index of futures, underlying futures assets, or a futures-linked ETF as the reference asset. A swap agreement is a two-party contract entered into primarily by institutional investors for periods ranging from a day to more than one year. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments (reference assets).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt">Typically, the Fund will not invest directly in commodity Futures Contracts. The Fund expects to gain exposure to these investments by investing up to 25% of its assets in a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). The Subsidiary is advised by the Adviser. Unlike the Fund, the Subsidiary is not an investment company registered under the Investment Company Act of 1940, as amended. The Fund’s investment in the Subsidiary is intended to provide the Fund with exposure to commodity markets in accordance with applicable rules and regulations.</p> 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), based on notional value, in futures contracts. <p id="xdx_A82_eoef--RiskTextBlock_z1W30dha9b6l" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Principal Investment Risks: </b><i><span id="xdx_903_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000075092Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zyRH3lXFyXbb">As with all funds, there is the risk that you could lose money through your investment in the Fund.</span> Many factors affect the Fund’s net asset value and price of shares and performance.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The following describes the principal risks the Fund bears with respect to its investments. <span id="xdx_902_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000075092Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zGziNspVwose">As with any fund, there is no guarantee that the Fund will achieve its goal.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 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. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesRiskMember_zIBUnYJimrel" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Futures Risk.</i> 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 asset. Investments in futures involve leverage, which means a small percentage of assets invested in futures can have a disproportionately large impact on the Fund. This risk could cause the Fund to lose more than the principal amount invested. Futures contracts may become mispriced or improperly valued when compared to the Adviser’s expectation and may not produce the desired investment results. Additionally, changes in the value of futures contracts may not track or correlate perfectly with the underlying index because of temporary, or even long-term, supply and demand imbalances and because futures do not pay dividends unlike the stocks upon which they are based.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zNR7ELFaYlqi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Active Management Risk</i>. The Fund is subject to the risk that the investment management strategy may not produce the intended results and may negatively impact Fund performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommodityAndCurrencyRiskMember_zUVJqZoO62b5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Commodity and Currency Risk</i>. Investments linked to commodity or currency futures contracts can be highly volatile compared to investments in traditional securities, and funds holding instruments linked to commodity or currency futures contracts may experience large losses. The value of instruments linked to commodity or currency futures contracts may be affected by market movements, commodity or currency benchmarks (as the case may be), volatility, changes in interest rates, or factors affecting a particular industry, commodity or currency. For example, commodity futures contracts may be affected by numerous factors, including drought, floods, fires, weather, livestock disease, pipeline ruptures or spills, embargoes, tariffs and international, economic, political or regulatory developments. In particular, trading in natural gas futures contracts (or other financial instruments linked to natural gas) has historically been very volatile and can be expected to be very volatile in the future. High volatility may have an adverse impact on the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zaJjWOkqMWQ3" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Derivatives Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_z9KiDaJG6OKc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Early Close/Trading Halt Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfStructureRisksMember_znzd9zP84XQl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>ETF Structure Risks. </i>The Fund is structured as an ETF and will invest in underlying ETFs. As a result, the Fund is subject to special risks, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Not Individually Redeemable</i>. The Fund’s shares (“Shares”) are not redeemable by retail investors and may be redeemed only by 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Trading Issues</i>. Trading in Shares on 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Market Price Variance Risk</i>. 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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 for 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Authorized Participant Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zd39NWhbmCfe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Leverage Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zwPr8oIdTb6a" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Market and Geopolitical Risk. </i>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 portfolios 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, tariffs and trade wars, international conflicts and wars, 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. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RollingFuturesContractRiskMember_zzeKIVqQDBAf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Rolling Futures Contract Risk</i>. The Fund will invest in and have exposure to Futures Contracts and is subject to risks related to rolling. Rolling occurs when the Fund closes out of a Futures Contract as it nears its expiration and replaces it with a contract that has a later expiration. The Fund does not intend to hold Futures Contracts through expiration, but instead intends to “roll” its futures positions. When the market for these Futures Contracts is such that the prices are higher in the more distant delivery months than in the nearer delivery months, the sale during the course of the “rolling process” of the more nearby contract would take place at a price that is lower than the price of the more distant contract. This pattern of higher Futures Contract prices for longer expiration contracts is often referred to as “contango.” Alternatively, when the market for futures contracts is such that the prices are higher in the nearer months than in the more distant months, the sale during the course of the “rolling process” of the more nearby contract would take place at a price that is higher than the price of the more distant contract. This pattern of higher futures prices for shorter expiration futures contracts is referred to as “backwardation.” Extended periods of contango or backwardation have occurred in the past and can in the future cause significant losses for the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ReverseRepurchaseAgreementsRiskMember_zrw4IRs0j1ya" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Reverse Repurchase Agreements Risk</i>. Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price. Reverse Repurchase agreements are primarily used by the Fund as a short-term investment vehicle for cash positions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SubsidiaryInvestmentRiskMember_zv7YEyxuWhq9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Subsidiary Investment Risk</i>. Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary are organized, respectively, could result in the inability of the Fund to operate as intended and could negatively affect the Fund and its shareholders. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. Thus, the Fund, as an investor in the Subsidiary, will not have all the protections offered to investors in registered investment companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapsRiskMember_zZcHR34YRgVf" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Swaps Risk.</i> The Fund’s use of swaps 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 swap transaction may not fulfill its contractual obligations and the Fund may not receive payments owed under the contract, or such payments may be delayed and the value of agreements with the counterparty may decline; (ii) risk of mispricing or improper valuation; (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset or index; and (iv) swap fees will reduce Fund returns.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--AffiliatedMoneyMarketETFConflictOfInterestRiskMember_zHFrTTwustDf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Affiliated Money Market ETF Conflict of Interest Risk</i>. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryMarketRiskMember_znxn8MfNokgg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>U.S. Treasury Market Risk</i>. The U.S. Treasury market can be volatile, and the value of instruments correlated with these markets may fluctuate dramatically from day to day. U.S. Treasury obligations may provide relatively lower returns than those of other securities. Similar to other debt instruments, U.S. Treasury obligations are subject to debt instrument risk and interest rate risk. In addition, changes to the financial condition or credit rating of the U.S. Government may cause the value of U.S. Treasury obligations to decline.</p> <p id="xdx_A82_eoef--PerformanceNarrativeTextBlock_zz5LnAkYPFs5" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Performance: </b><span id="xdx_90A_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20261028__20261028__dei--LegalEntityAxis__custom--S000075092Member_zC9wZFt0hRQe">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 and an additional index.</span> The additional index tracks systematic trend-following and managed futures strategies and is included as a performance benchmark that reflects the Fund’s CTA-based investment approach. <span id="xdx_904_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000075092Member_zy16CoQnH6A5">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information is available at no cost by visiting <span id="xdx_90C_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000075092Member_zLjuNgNiCn76"><span style="text-decoration: underline">www.simplify.us/etfs</span></span> or by calling <span id="xdx_90D_eoef--PerformanceAvailabilityPhone_c20261028__20261028__dei--LegalEntityAxis__custom--S000075092Member_zvj883nmSYkb">1 (855) 772-8488</span>.</p> 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 and an additional 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 <p id="xdx_A86_eoef--BarChartTableTextBlock_zztqh0MGxYS8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><img alt="" src="pro-cta_001.jpg" style="height: 270px; width: 450px"/></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zJSzMMmDhD7d" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; 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="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2023</td> <td id="xdx_98A_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000233897Member_z2Q40M2tHOgg" style="display: none; text-align: center; width: 50%">-3.52%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_987_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000233897Member_zOFz5ctY3G1f" style="display: none; text-align: center">24.18%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_989_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000233897Member_zWqsNS7dmeyi" style="display: none; text-align: center">1.31%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"> </p> -0.0352 0.2418 0.0131 <p id="xdx_A8D_eoef--BarChartClosingTextBlock_zIxCIiuCtc83" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify; text-indent: 0.5in">During the periods shown in the bar chart above, the Fund’s <span id="xdx_903_eoef--HighestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000075092Member_zf0JQDxTVOB2">highest quarterly return</span> was <span id="xdx_90C_eoef--BarChartHighestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000075092Member_zOWz53ul8fqj">10.11%</span> (quarter ended <span id="xdx_90F_eoef--BarChartHighestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000075092Member_zYFQXHRsZXJ3">December 31, 2024</span>) and the Fund’s <span id="xdx_90C_eoef--LowestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000075092Member_zFbPqtdbF3Cb">lowest quarterly return</span> was <span id="xdx_902_eoef--BarChartLowestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000075092Member_zShTvRYcEM8f">-10.90%</span> (quarter ended <span id="xdx_909_eoef--BarChartLowestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000075092Member_zKFxIKRk9rW8">March 31, 2023</span>). The calendar <span id="xdx_907_eoef--YearToDateReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000075092Member_z5yZwKDzSZg">year-to-date total return</span> of the Fund as of <span id="xdx_90F_eoef--BarChartYearToDateReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000075092Member_zqovd6RyJ2tk">September 30, 2026</span> was <span id="xdx_901_eoef--BarChartYearToDateReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000075092Member_zngxIbpuITW3">10.19%</span>.</p> highest quarterly return 0.1011 2024-12-31 lowest quarterly return -0.1090 2023-03-31 year-to-date total return 2026-09-30 0.1019 Average Annual Total Returns for the Periods Ended December 31, 2025 <div id="xdx_A82_eoef--PerformanceTableTextBlock_zzRAicqzXWn7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zpAtQ42EXd97" 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: bottom; text-align: left"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_49F_20250101__20251231_zylVOmIlxfi7" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_49B_20220307__20251231_zf1MRJWMbPXb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Since<br/> Inception<br/> (<span id="xdx_90C_eoef--PerfInceptionDate_c20251028__20251028__oef--ClassAxis__custom--C000233897Member_zeRt58Fij8R8">3/7/22</span>)</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000233897Member_zkdUo9TyKwm" style="vertical-align: bottom; background-color: Gainsboro"> <td style="padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; width: 76%; text-align: left">Return Before Taxes</td> <td style="padding-bottom: 1pt; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 9%; text-align: right">1.31</td> <td style="padding-bottom: 1pt; width: 1%; text-align: left">%</td> <td style="padding-bottom: 1pt; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 9%; text-align: right">8.33</td> <td style="padding-bottom: 1pt; width: 1%; text-align: left">%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000233897Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zMOSDUWxe2ic" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Return After Taxes on Distributions</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">0.01</td> <td style="padding-bottom: 1pt; text-align: left">%</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">6.14</td> <td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000233897Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z5pWG2DPYe61" style="vertical-align: bottom; background-color: Gainsboro"> <td style="padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">0.77</td> <td style="padding-bottom: 1pt; text-align: left">%</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">5.61</td> <td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000233897Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zyRu44Oem4yl" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Bloomberg U.S. Aggregate Bond Index (<span id="xdx_905_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261028__20261028__dei--LegalEntityAxis__custom--S000075092Member_zbLMKqxsBpkf">reflects no deduction for fees, expenses or taxes</span>)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">7.30</td> <td style="padding-bottom: 1pt; text-align: left">%</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">0.87</td> <td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000233897Member__oef--PerformanceMeasureAxis__custom--SGCTAIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z8LeubfjGJx4" style="vertical-align: bottom; background-color: Gainsboro"> <td style="padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">SG CTA Index (reflects no deduction for fees, expenses or taxes)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">-0.16</td> <td style="padding-bottom: 1pt; text-align: left">%</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">1.51</td> <td style="padding-bottom: 1pt; text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 2022-03-07 0.0131 0.0833 0.0001 0.0614 0.0077 0.0561 reflects no deduction for fees, expenses or taxes 0.0730 0.0087 -0.0016 0.0151 <p id="xdx_A88_eoef--PerformanceTableClosingTextBlock_zFgIwqrIFfv8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify; text-indent: 0.5in"><span id="xdx_90A_eoef--PerformanceTableUsesHighestFederalRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000075092Member_zg3CK4YWQ6Pd">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.</span> <span id="xdx_902_eoef--PerformanceTableNotRelevantToTaxDeferred_c20261028__20261028__dei--LegalEntityAxis__custom--S000075092Member_zQrlYxX2sk1d">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.</span></p> 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. FUND SUMMARY – SIMPLIFY MBS ETF <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_zV4uttuYTou5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Investment Objective: </b>The Simplify MBS ETF (the “Fund” or “MTBA”) seeks to maximize total return.</p> <p id="xdx_A8B_eoef--ExpenseNarrativeTextBlock_ztasvWrZyAGl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fees and Expenses of the Fund: </b>This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>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.</b></span></p> <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zyQEZpO2x0E4"></div> <table cellpadding="3" cellspacing="0" id="xdx_A55_dU_zYWyGahHcMdg" 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; background-color: gainsboro"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 65%; text-align: left"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses</b><br/> (expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_490_20261028__20261028__dei--LegalEntityAxis__custom--S000082966Member__oef--ClassAxis__custom--C000246389Member_zK54DRSD1cmd" style="border: black 1pt solid; width: 15%; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zlluEunc2OKa"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top; text-align: left"><span style="font-size: 10pt">Management Fees</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.15%</span></td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zrVwWG2VFF6k"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top; text-align: left"><span style="font-size: 10pt">Distribution and Service (12b-1) Fees </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_zpX6BdMF74m6"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top; text-align: left"><span style="font-size: 10pt">Other Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_406_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_z9PxnfrCAyea"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top; text-align: left"><span style="font-size: 10pt">Acquired Fund Fees and Expenses<sup id="xdx_F42_z7dv4fDxj47g">(1)</sup></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.13%</span></td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_zyKaqLY0fMa"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top; text-align: left"><span style="font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.28%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <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 style="width: 0.25in; font-size: 10pt; text-align: justify"><span id="xdx_F07_zUlzIeWktn7f" style="font-size: 10pt">(1)</span></td> <td style="font-size: 10pt; text-align: justify"><span id="xdx_F12_zIIH79Ck32xi" style="font-size: 10pt"> 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.</span></td></tr> </table> 0.0015 0.0000 0.0000 0.0013 0.0028 <p id="xdx_A88_eoef--ExpenseExampleNarrativeTextBlock_zc8vwV2pNT95" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Example: </i></b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. <span id="xdx_90D_eoef--ExpenseExampleByYearCaption_c20261028__20261028__dei--LegalEntityAxis__custom--S000082966Member_zMK9STYlLlZ4">Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zGYAl0Dqhctk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zazPHKRF3w6a" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom; background-color: gainsboro"> <td id="xdx_483_eoef--ExpenseExampleYear01_zzGo38ONEmg7" style="border-bottom: black 1pt solid; width: 12%; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_487_eoef--ExpenseExampleYear03_zX44S7DIfBdc" style="border-bottom: black 1pt solid; width: 13%; text-align: center"><span style="font-size: 10pt"><b>3 Years</b></span></td> <td id="xdx_482_eoef--ExpenseExampleYear05_z2C3zgMr2CC2" style="border-bottom: black 1pt solid; width: 13%; text-align: center"><span style="font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_484_eoef--ExpenseExampleYear10_zBTuknqnaLH5" style="border-bottom: black 1pt solid; width: 12%; text-align: center"><span style="font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_418_20261028__20261028__dei--LegalEntityAxis__custom--S000082966Member__oef--ClassAxis__custom--C000246389Member_zqtbc5V4mq81" style="vertical-align: top"> <td style="text-align: center"><span style="font-size: 10pt">$39</span></td> <td style="text-align: center"><span style="font-size: 10pt">$122</span></td> <td style="text-align: center"><span style="font-size: 10pt">$213</span></td> <td style="text-align: center"><span style="font-size: 10pt">$480</span></td></tr> </table> 39 122 213 480 <p id="xdx_A84_eoef--PortfolioTurnoverTextBlock_zAj7G9SIG077" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b><i>Portfolio Turnover: </i></b>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 <span id="xdx_900_eoef--PortfolioTurnoverRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000082966Member_ztPGyWuhHHLg">1639%</span> of the average value of its portfolio.</p> 16.39 Principal Investment Strategies: <p id="xdx_A85_eoef--StrategyNarrativeTextBlock_zSinO4Cq2AI5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">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 mortgage-backed securities (“MBS”). The Fund defines MBS as any agency or non-agency residential or commercial mortgage-backed security and any futures contract, forward agreement, swap contract, or option linked to the preceding The Fund is an actively managed exchange-traded fund that seeks to achieve its investment objectives by investing primarily in MBS’s issued by the Government National Mortgage Association (“GNMA”), Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corporation (“FHLMC”). </span>These agencies securitize pools of mortgage loans that meet the underwriting standards of the relevant agency. The Fund may also purchase MBS on a when-issued basis, (commonly referred to as “To Be Announced” or “TBA”); and gain exposure to MBS through derivatives such as options or swap agreements. These are included as MBS for purposes of the Fund’s 80% investment policy. The Fund is deemed to be concentrated because it invests more than 25% of its net assets in MBS.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally, the Adviser constructs the Fund’s portfolio by selecting instruments that it believes will produce the highest yield while maintaining a medium-term (3-10 years) effective duration portfolio. The Adviser considers price, coupon, expected prepayment rate and maturity to calculate a security’s expected yield. Effective duration measures the interest rate sensitivity of a security including the borrower’s option to prepay its mortgage loan. For example, an effective duration of “five years” means that a security’s price would be expected to decrease by approximately 5% with a 1% increase in interest rates. The Adviser sells securities to manage effective duration or when a more attractive instrument becomes available.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To generate additional returns, the Adviser may use a strategy referred to as a dollar roll. In a dollar roll, the Fund sells, in the TBA market, a security for current month settlement, while simultaneously committing to buy a substantially similar TBA security for next month or a further month settlement. The Adviser assesses the relative prices between delivery months as well as interest income on short-term investments to forecast the expected profit of this strategy, which creates investment leverage.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund also holds cash and invests in cash-equivalents (money market funds, including affiliated money market ETFs) or high-quality short term fixed income securities as collateral for swaps. The Fund uses mortgage security linked swaps as a form of MBS investment and interest rate linked swaps to manage duration exposure and/or to hedge interest rate risk.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_zqEcGhwia2w1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principal Investment Risks: </b><i><span id="xdx_904_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000082966Member__oef--RiskAxis__oef--RiskLoseMoneyMember_z1Jf4siXk9Vh">As with all funds, there is the risk that you could lose money through your investment in the Fund.</span> Many factors affect the Fund’s net asset value and price of shares and performance.</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following describes the principal risks the Fund bears with respect to its investments. <span id="xdx_904_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000082966Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zejXshB528h7">As with any fund, there is no guarantee that the Fund will achieve its goal.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 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. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MortgagerelatedRisksMember_z4D92OER6gxd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Mortgage-Related Risks</i>. MBS represent interests in “pools” of mortgages and often involve risks that are different from or possibly more acute than risks associated with other types of debt instruments. Generally, rising interest rates tend to extend the duration of fixed rate mortgage-related securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, the Fund may exhibit additional volatility since individual mortgage holders are less likely to exercise prepayment options, thereby putting additional downward pressure on the value of these securities and potentially causing the Fund to lose money. This is known as extension risk. MBS can be highly sensitive to rising interest rates, such that even small movements can cause an investing Fund to lose value. When interest rates decline, borrowers may pay off their mortgages sooner than expected. This can reduce the returns of a Fund because the Fund may have to reinvest that money at the lower prevailing interest rates. This is known as prepayment risk.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TBASecuritiesRiskMember_z6cOhNvGeZjk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>TBA Securities Risk</i>. In a TBA transaction, a seller agrees to deliver a security at a future date, but does not specify the particular security to be delivered. Instead, the seller agrees to accept any security that meets specified terms. TBA transactions involve the risk that the securities received may have less favorable characteristics than what was anticipated when the Fund entered into the transaction. TBA transactions are also subject to counterparty risk and will be exposed to changes in the value of the underlying investments during the term of the agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryAndAgencyMarketRiskMember_zKbvLOVFbJyb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>U.S. Treasury and Agency Market Risk. </i>The U.S. Treasury and agency market can be volatile, and the value of instruments correlated with these markets may fluctuate dramatically from day to day. U.S. Treasury and agency obligations may provide relatively lower returns than those of other securities. Similar to other debt instruments, U.S. Treasury and agency obligations are subject to debt instrument risk and interest rate risk. In addition, changes to the financial condition or credit rating of the U.S. Government may cause the value of U.S. Treasury and agency obligations to decline. U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and are generally considered to have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z2d9JrJVwHG8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk. </i>Fixed income risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early or later than expected, potentially reducing the amount of interest payments or extending time to principal repayment). These risks could affect the value of a particular investment possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. When a Fund invests in fixed income securities the value of your investment in a Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities. In general, the market price of debt securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. If the U.S. Federal Reserve’s Federal Open Market Committee (“FOMC”) raises the federal funds interest rate target, interest rates across the U.S. financial system may rise. However, the magnitude of rate changes across maturities and borrower sectors is uncertain. Rising rates may decrease liquidity and increase volatility, which may make portfolio management more difficult and costly to a Fund and its shareholders. Additionally, default risk increases if issuers must borrow at higher rates. Generally, these changing market conditions may cause a Fund’s share price to fluctuate or decline more than other types of equity investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_ztncrDEiWnsj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Active Management Risk. </i>The Fund is subject to the risk that its investment management strategy may not produce the intended results. There can be no assurance that the securities selected by the Adviser will produce positive returns.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_za57Z9LF80Pg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Concentration Risk. </i>The Fund’s net asset value may fluctuate more than that of a fund that does not concentrate in MBS.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashOrCashEquivalentsRiskMember_zR9RJzBZeuf3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash or Cash Equivalents Risk</i>. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--AffiliatedMoneyMarketETFConflictOfInterestRiskMember_zsu9WfM7wrId" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><i>Affiliated Money Market ETF Conflict of Interest Risk.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zNJNCB42ZwH5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk. </i>The Fund may engage in transactions in securities and financial instruments that involve counterparties. Counterparty risk is the risk that a counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. To limit the counterparty risk associated with such transactions, the Fund conducts business only with financial institutions judged by the Adviser to present acceptable credit risk.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zVdnl96wu7I8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk. </i>The Fund’s 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 fulfil 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--DollarRollRiskMember_zR3HadM3zSW2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Dollar Roll Risk</i>. Dollar rolls involve the risk that the Fund’s counterparty will be unable to deliver the mortgage-backed securities underlying the dollar roll at the fixed time. If the buyer files for bankruptcy or becomes insolvent, the buyer or its representative may ask for and receive an extension of time to decide whether to enforce the Fund’s repurchase obligation. In addition, the Fund earns interest by investing the transaction proceeds during the roll period. Dollar roll transactions have the effect of creating leverage in the Fund’s portfolio.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_znikBYHa20i8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Early Close/Trading Halt Risk. </i>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 a Fund from buying or selling certain securities or financial instruments. In these circumstances, a Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfStructureRiskMember_zTMUM7vTMBdg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>ETF Structure Risk: </i>The Fund is structured as an ETF and will invest in underlying ETFs. As a result, the Fund is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Not Individually Redeemable</i>. A Fund’s Shares (“Shares”) are not redeemable by retail investors and may be redeemed only by the Authorized Participant at net asset value (“NAV”) and only in Creation Units. A retail investor generally incurs brokerage costs when selling shares.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Issues</i>. Trading in Shares on 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 a Fund’s 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.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market Price Variance Risk</i>. Individual Shares of a Fund that are listed for trading on the Exchange can be bought and sold in the secondary market at market prices. The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares. There may be times when the market price and the NAV vary significantly and you may pay more than NAV when buying Shares on the secondary market, and you may receive less than NAV when you sell those Shares. The market price of Shares, like the price of any exchange-traded security, includes a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. In times of severe market disruption, the bid-ask spread often increases significantly. This means that Shares may trade at a discount to NAV and the discount is likely to be greatest when the price of Shares is falling fastest, which may be the time that you most want to sell your Shares. A Fund’s investment results are measured based upon the daily NAV of a Fund over a period of time. Investors purchasing and selling Shares in the secondary market may not experience investment results consistent with those experienced by those Authorized Participants creating and redeeming directly with a Fund.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of Shares and the Fund’s NAV.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market price for the Shares may deviate from a Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Shares than a Fund’s NAV, which is reflected in the bid and ask price for Fund shares or in the closing price.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In stressed market conditions, the market for the Shares may become less liquid in response to the deteriorating liquidity of a 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 a Fund’s NAV.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Authorized Participant Risk. </i>Only an Authorized Participant may engage in creation or redemption transactions directly with a Fund. A Fund has a limited number of institutions that may act as an Authorized Participant on an agency basis (<i>i.e., </i>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 a Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, a Fund’s shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting. Authorized Participant concentration risk may be heightened for securities or instruments that have lower trading volumes.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zaoAzACdZt37" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leverage Risk. </i>Using derivatives can create leverage, which can amplify the effects of market volatility on the Fund’s share price and make the Fund’s returns more volatile. The use of leverage may cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The use of leverage may also cause the Fund to have higher expenses than those of other funds that do not use such techniques. MBS futures, forwards, swaps, and options are subject to leverage risk because they require only a small margin deposit or purchase price relative to the notional amounts of MBS they represent.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zCGLRcP1g2Rl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk.</i> 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 a 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, tariffs and trade wars, international conflicts and wars, 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zQ2tsJjG6U74" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Risk. </i>When the Fund purchases a call option, it receives, in return for the premium it pays, the right to buy from the writer of the option the underlying security at a specified price at any time before the option expires. The Fund purchases call options in anticipation of an increase in the market value of securities that it intends ultimately to buy. During the life of the call option, a Fund is able to buy the underlying security at the exercise price regardless of any increase in the market price of the underlying security. In order for a call option to result in a gain, the market price of the underlying security must exceed the sum of the exercise price, the premium paid, and transaction costs.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--OverthecounterMarketRiskMember_zZcMhzdAgjDh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Over-the-Counter Market Risk. </i>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 a Fund in over-the-counter transactions may include an undisclosed dealer markup. Each 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 a Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_zQ9gGJnrmoXh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swap Risk.</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundRiskMember_z8Yz4Ar2b5z5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><i>Underlying Fund Risk. </i>ETFs and ETPs 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 ETPs and may be higher than other funds that invest directly in stocks and bonds. Each of the ETFs and ETPs 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> <p id="xdx_A8B_eoef--PerformanceNarrativeTextBlock_z9cQGZKrMCCh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Performance: </b><span id="xdx_905_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20261028__20261028__dei--LegalEntityAxis__custom--S000082966Member_zynWSu4KxAi">The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the Fund’s performance from year to year. The table shows how the Fund’s average annual total returns compare with those of a broad-based securities market index and an additional index. The additional index tracks U.S. agency mortgage-backed securities and is included as a performance benchmark relevant to the Fund’s MBS investment strategy.</span> <span id="xdx_906_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000082966Member_zRTgOTO3Laod">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information is available at no cost by visiting <span id="xdx_901_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000082966Member_zHBaIcxIApMi"><span style="text-decoration: underline">www.simplify.us/etfs</span></span> or by calling <span id="xdx_901_eoef--PerformanceAvailabilityPhone_c20261028__20261028__dei--LegalEntityAxis__custom--S000082966Member_zpoEkdUPyV8b">1 (855) 772-8488</span>.</p> The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the Fund’s performance from year to year. The table shows how the Fund’s average annual total returns compare with those of a broad-based securities market index and an additional index. The additional index tracks U.S. agency mortgage-backed securities and is included as a performance benchmark relevant to the Fund’s MBS investment strategy. 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 <p id="xdx_A80_eoef--BarChartTableTextBlock_z1sjIB9XFwuk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="pro-mtba_001.jpg" style="height: 269px; width: 450px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zAd66aQ8iFf3" 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%">2024</td> <td id="xdx_98A_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000246389Member_z7znNv1hViMd" style="display: none; text-align: center; width: 50%">2.19%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_98E_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000246389Member_zJiSi1S8nrk8" style="display: none; text-align: center">7.84%</td></tr> </table> 0.0219 0.0784 <p id="xdx_A82_eoef--BarChartClosingTextBlock_zNvgPmBxY37k" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify; text-indent: 0.5in">During the periods shown in the bar chart above, the Fund’s <span id="xdx_90A_eoef--HighestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000082966Member_zsXs1zcfV2Uf">highest quarterly return</span> was <span id="xdx_905_eoef--BarChartHighestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000082966Member_zRsWMBp76z46">3.64%</span> (quarter ended <span id="xdx_90D_eoef--BarChartHighestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000082966Member_znJIiIVU1Fje">September 30, 2024</span>) and the Fund’s <span id="xdx_906_eoef--LowestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000082966Member_z2SH6A9RKFPl">lowest quarterly return</span> was <span id="xdx_90E_eoef--BarChartLowestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000082966Member_zol1AoyGBNfk">-1.94%</span> (quarter ended <span id="xdx_90C_eoef--BarChartLowestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000082966Member_zCGfXZOQcxBl">December 31, 2024</span>). The calendar <span id="xdx_904_eoef--YearToDateReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000082966Member_zeVRymRE37Xk">year-to-date total return</span> of the Fund as of <span id="xdx_90E_eoef--BarChartYearToDateReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000082966Member_z96qx9Ph30R2">September 30, 2026</span> was <span id="xdx_90B_eoef--BarChartYearToDateReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000082966Member_zyV9d6eQUBea">(3.27)%</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> highest quarterly return 0.0364 2024-09-30 lowest quarterly return -0.0194 2024-12-31 year-to-date total return 2026-09-30 -0.0327 Average Annual Total Returns for the Periods Ended December 31, 2025 <div id="xdx_A8B_eoef--PerformanceTableTextBlock_zRNYIeN21b8a"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zvi7Qx9XHpr6" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse" 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_49C_20250101__20251231_zxytBDR0eSee" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td> </td> <td> </td> <td colspan="2" id="xdx_493_20231106__20251231_zE3h2gu1tMT" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Since <br/> Inception<br/> (<span id="xdx_906_eoef--PerfInceptionDate_c20261028__20261028__oef--ClassAxis__custom--C000246389Member_zlxUJCbEvcee">11/06/23</span>)</b></span></td> <td> </td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000246389Member_zjvWg1ERAGMf" style="vertical-align: bottom; background-color: Gainsboro"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; width: 76%"><span style="font-size: 10pt">Return Before Taxes</span></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"><span style="font-size: 10pt">7.84</span></td> <td style="width: 1%"><span style="font-size: 10pt">%</span></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"><span style="font-size: 10pt">6.39</span></td> <td style="width: 1%"><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000246389Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zooV529xm8Yi" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 10pt">Return After Taxes on Distributions</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">5.22</span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">3.91</span></td> <td><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000246389Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zBud5IM5bwWi" style="vertical-align: bottom; background-color: Gainsboro"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 10pt">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">4.59</span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">3.82</span></td> <td><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000246389Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zs64cWEK5zZ5" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-size: 10pt">Bloomberg U.S. Aggregate Bond Index (<span id="xdx_907_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261028__20261028__dei--LegalEntityAxis__custom--S000082966Member_zL7g5auPuxdc">reflects no deduction for fees, expenses or taxes</span>)</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">7.30</span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">7.05</span></td> <td><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000246389Member__oef--PerformanceMeasureAxis__custom--BloombergUSMortgageBackedSecuritiesIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zOKQDmOZput7" style="vertical-align: bottom; background-color: Gainsboro"> <td style="padding-bottom: 1pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Bloomberg U.S. Mortgage Backed Securities Index (<span id="xdx_905_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261028__20261028__dei--LegalEntityAxis__custom--S000082966Member_zr6GpYnqzHXl">reflects no deduction for fees, expenses or taxes</span>)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">8.58</td> <td style="padding-bottom: 1pt">%</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">7.88</td> <td style="padding-bottom: 1pt">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> 2023-11-06 0.0784 0.0639 0.0522 0.0391 0.0459 0.0382 reflects no deduction for fees, expenses or taxes 0.0730 0.0705 reflects no deduction for fees, expenses or taxes 0.0858 0.0788 <p id="xdx_A8A_eoef--PerformanceTableClosingTextBlock_zS9CR2mBKc4h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span id="xdx_902_eoef--PerformanceTableUsesHighestFederalRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000082966Member_zAe3yxu88lp4">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.</span> <span id="xdx_905_eoef--PerformanceTableNotRelevantToTaxDeferred_c20261028__20261028__dei--LegalEntityAxis__custom--S000082966Member_zy5ahy9hDwsh">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.</span></p> 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. FUND SUMMARY – SIMPLIFY MULTI-QIS ALTERNATIVE ETF <p id="xdx_A8B_eoef--ObjectivePrimaryTextBlock_zwpsAPbPQBAj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Investment Objective: </b>The Simplify Multi-QIS Alternative ETF (the “Fund” or “QIS”) seeks to provide positive absolute returns and income.</p> <p id="xdx_A8D_eoef--ExpenseNarrativeTextBlock_zurJOtsHOws1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Fees and Expenses of the Fund: </b>This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>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.</b></p> <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zw0XIQcc4jz4"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5C_dU_zg5SR9C5nCs7" 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="background-color: gainsboro"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: top; width: 65%"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses</b><br/> (expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_496_20261028__20261028__dei--LegalEntityAxis__custom--S000080584Member__oef--ClassAxis__custom--C000243093Member_z4zHj8X48Dlc" style="border: black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zo1RFE2HXEWe"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: top"><span style="font-size: 10pt">Management Fees</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">1.00%</span></td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zRpdA4Vcbsrc"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: top"><span style="font-size: 10pt">Distribution and Service (12b-1) Fees </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zkfzYquYj4Rk"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: top"><span style="font-size: 10pt">Other Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.03%</span></td></tr> <tr id="xdx_40A_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zMjdMgpgh9a8"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: top"><span style="font-size: 10pt">Acquired Fund Fees and Expenses<sup id="xdx_F4E_zPberKeTCtOg">(1)</sup></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.10%</span></td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_ztgJvr5ESz7k"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: top"><span style="font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">1.13%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto; width: 80%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><span id="xdx_F0A_zFbYgz8qJpOf" style="font-size: 10pt">(1)</span></td> <td style="text-align: justify"><span id="xdx_F15_zOpyDv6yZml5" style="font-size: 10pt"><span id="xdx_906_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20261028__20261028__dei--LegalEntityAxis__custom--S000080584Member_zj1XgWb2soc2"> 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.</span></span></td> </tr> </table> 0.0100 0.0000 0.0003 0.0010 0.0113 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. <p id="xdx_A83_eoef--ExpenseExampleNarrativeTextBlock_zlwNds08fZab" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b><i>Example: </i></b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">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. <span id="xdx_907_eoef--ExpenseExampleByYearCaption_c20261028__20261028__dei--LegalEntityAxis__custom--S000080584Member_zlRB96XZQal2">Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_zbA6QnRvUQsi"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="background-color: gainsboro"> <td id="xdx_485_eoef--ExpenseExampleYear01_zwTitoHrvhx3" style="border-bottom: black 1pt solid; vertical-align: bottom; width: 12%; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_48B_eoef--ExpenseExampleYear03_zbxMN7ni7KW3" style="border-bottom: black 1pt solid; vertical-align: bottom; width: 13%; text-align: center"><span style="font-size: 10pt"><b>3 Years</b></span></td> <td id="xdx_486_eoef--ExpenseExampleYear05_za9ZLAMJcoZk" style="border-bottom: black 1pt solid; vertical-align: top; width: 13%; text-align: center"><span style="font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_484_eoef--ExpenseExampleYear10_zFSQElq6qUV8" style="border-bottom: black 1pt solid; vertical-align: top; width: 12%; text-align: center"><span style="font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_41A_20261028__20261028__dei--LegalEntityAxis__custom--S000080584Member__oef--ClassAxis__custom--C000243093Member_zihYnaHfuiRa" style="vertical-align: top"> <td style="text-align: center"><span style="font-size: 10pt">$115</span></td> <td style="text-align: center"><span style="font-size: 10pt">$358</span></td> <td style="text-align: center"><span style="font-size: 10pt">$621</span></td> <td style="text-align: center"><span style="font-size: 10pt">$1,372</span></td></tr> </table> 115 358 621 1372 <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_z5taCgzdrIY6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b><i>Portfolio Turnover: </i></b>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 <span id="xdx_90C_eoef--PortfolioTurnoverRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000080584Member_zhatX44DNafk">149%</span> of the average value of its portfolio.</p> 1.49 Principal Investment Strategies: <p id="xdx_A8C_eoef--StrategyNarrativeTextBlock_zRwsGGHzqME2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing, primarily through total return swaps, in a diversified portfolio of third-party quantitative investment strategies across equities, interest rates, commodities, and currencies. The swaps provide returns to the Fund that are based on model portfolios generated by the quantitative investment strategies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Quantitative investment strategies (or “QIS”) are third-party investment strategies that analyze historical quantitative data and use models to identify investments that based on historical results can provide attractive risk adjusted returns. The Adviser evaluates multiple strategies and selects the individual strategies based on multiple qualitative and quantitative considerations, including portfolio diversification, scalability, expected risk adjusted returns and correlation to one another. By using a multi-strategy approach, the Adviser seeks to identify the optimal allocation among 10-20 strategies to achieve positive returns and mitigate asset-class and single-strategy risks. The Adviser evaluates strategies on an ongoing basis and makes adjustments to the strategy allocations when the Adviser believes an alternative strategy would provide better returns.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">When the Fund enters into a total return swap, the Fund makes payments to the swap counterparty based on either a fixed or variable rate, and the swap counterparty makes payments to the Fund based on the return of the underlying strategy. Ordinary gains on swaps are generally considered income to the Fund, contribute to the income component of the Fund’s investment objective and are considered absolute positive returns. Other investments that contribute to income include treasuries and income-generating collateral.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The Adviser reduces or eliminates the Fund’s exposure to a strategy if it does not perform as expected or when it believes a different strategy presents a more attractive risk return opportunity. The third-party investment strategies selected by the Adviser are not specifically designed for the Fund but selected by the Adviser based on its evaluation of the strategies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The Fund may also gain exposure to equity, fixed income, commodity, currency, and volatility markets by investing in other ETFs or individual securities. The equity and fixed income strategies include primarily U.S. companies but may include companies from both emerging and developed foreign markets and may include companies of any market capitalization. The fixed income strategies may include high yield (“junk bond”) strategies, and strategies of any duration or maturity. The commodity strategies may include all types of commodities and commodity indexes. Currency strategies are those that attempt to profit from the changes in the relative value of various currencies. Volatility strategies are those that attempt to profit from the changes in the historical or implied return volatility of futures or securities indexes. Volatility is when a security experiences periods of unpredictable, and sometimes sharp, price movements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The Fund also holds cash and invests in cash-like instruments (including affiliated money market ETFs) or high-quality short term fixed income securities as collateral for the swaps.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><span id="xdx_90C_eoef--StrategyPortfolioConcentration_c20261028__20261028__dei--LegalEntityAxis__custom--S000080584Member_zB1yRqGCxa71">The Fund gains exposure to certain commodity strategies by investing up to 25% of its net assets in a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”).</span> The Fund’s investment in the Subsidiary is intended to provide the Fund with exposure to commodity-linked investments in accordance with applicable tax rules and regulations.</p> The Fund gains exposure to certain commodity strategies by investing up to 25% of its net assets in a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). <p id="xdx_A83_eoef--RiskTextBlock_zr62ekWv6JM2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Principal Investment Risks: </b><i><span id="xdx_901_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000080584Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zs82iOoGTP35">As with all funds, there is the risk that you could lose money through your investment in the Fund.</span> Many factors affect the Fund’s net asset value and price of shares and performance.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The following describes the principal risks the Fund bears with respect to its investments. <span id="xdx_90F_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000080584Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zv27yXZwoIh7">As with any fund, there is no guarantee that the Fund will achieve its goal.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 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. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zNx7GxShi8ze" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Derivatives Risk.</i> Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Leverage inherent in derivatives will tend to magnify the Fund’s losses if the derivative strategy is ineffective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Total Return Swap Risk.</i> Leverage inherent in derivatives such as total return swaps will tend to magnify the Fund’s losses if the hedge is ineffective or if the reference asset rises in price.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Counterparty Risk. </i>The Fund invests in total return swaps and other derivative instruments with counterparties that are privately negotiated in the over-the-counter market. These contracts involve exposure to credit risk because contract performance depends, in part, on the financial condition of the counterparty. If the creditworthiness of the counterparty declines, the Fund may not receive payments owed under the contract, or such payments may be delayed and the value of agreements with the counterparty can be expected to decline, potentially resulting in losses to the Fund.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_z4qAmshawzsh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Leverage Risk.</i> The use of leverage by the Fund will cause the Fund to incur additional expenses and magnify the Fund’s gains or losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zg3RQ8Ucuk8k" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Active Management Risk.</i> The Fund is subject to the risk that the investment management strategy may not produce the intended results and may negatively impact Fund performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashOrCashEquivalentsRiskMember_zrzzpSdElS7k" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Cash or Cash Equivalents Risk.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommodityRiskMember_z4jiUyFnaU12" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Commodity Risk.</i> Investments linked to commodity derivatives can be highly volatile compared to investments in traditional securities, and funds holding instruments linked to commodity derivatives may experience large losses. The value of instruments linked to commodity derivatives may be affected by market movements, commodity benchmarks, volatility, changes in interest rates, or factors affecting a particular industry, or commodity.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zLoLqYJhmDd2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Early Close/Trading Halt Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_z3XN9lPFqpbf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Emerging Markets Risk. </i>Investing in emerging markets involves not only the risks described below with respect to investing in foreign securities, but also other risks, including exposure to economic structures that are generally less diverse and mature, limited availability and reliability of information material to an investment decision, and exposure to political systems that can be expected to have less stability than those of developed countries.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfStructureRisksMember_z8r45HN8nol4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>ETF Structure Risks. </i>The Fund is structured as an ETF and will invest in underlying ETFs. As a result, the Fund is subject to special risks, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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 at net asset value (“NAV”) and only in Creation Units. A retail investor generally incurs brokerage costs when selling shares.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">Trading Issues. Trading in Shares on 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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 for 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zZLx8bD9N6y9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Equity Securities Risk. </i>Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. The equity securities held by the Fund may experience sudden, unpredictable drops in value or long periods of decline in value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zR1ac4yhjqei" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Fixed Income Securities Risk</i>. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_zkoDnP5NB5Be" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Foreign Currency Risk. </i>The Fund holds investments that provide exposure to non-U.S. currencies, currency exchange rates or interest rates denominated in such currencies. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of the Fund’s investment and the value of Fund shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and your investment in the Fund may experience losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignExchangeRiskMember_zQxaJpvBWxc2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Foreign Exchange Risk</i>. Because options held by the Fund may trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, there are likely to be deviations between the current price of a security and the security’s last quoted price from the closed foreign market. This may result in premiums and discounts that are greater than those experienced by domestic ETFs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_z9L1HCeDcOs8" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Foreign Investment Risk. </i>The Fund may invest in securities domiciled in countries outside the U.S. that may experience more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S companies. These investments may be subject to additional risks, including political and economic risks, less government regulation and supervision of foreign stock exchanges, brokers and listed companies, civil conflicts and war, greater volatility, expropriation and nationalization risks, currency fluctuations, higher transaction costs, delayed transaction settlement, foreign ownership limits, foreign withholding taxes, difficulties in obtaining legal judgements, repatriation of capital, and less stringent investor protection, disclosure, and accounting standards than those of the U.S. market.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesRiskMember_zMjk0D2r11Of" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Futures Risk.</i> 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. Investments in futures involve leverage, which means a small percentage of assets invested in futures can have a disproportionately large impact on the Fund. This risk could cause the Fund to lose more than the principal amount invested. Futures contracts may become mispriced or improperly valued when compared to the Adviser’s expectation and may not produce the desired investment results. Additionally, changes in the value of futures contracts may not track or correlate perfectly with the underlying index because of temporary, or even long-term, supply and demand imbalances and because futures do not pay dividends unlike the stocks upon which they are based.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--JunkBondRiskMember_zCZlQ7xQs7ih" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Junk Bond Risk. </i>Lower-quality bonds, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund’s ability to sell its bonds. Longer maturity and longer duration bond prices will decline more in response to rising interest rates. The lack of a liquid market for these bonds could decrease the Fund’s share price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zHvhLhR88t14" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Market and Geopolitical Risk. </i>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 portfolios 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, tariffs and trade wars, international conflicts and wars, 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--OverthecounterMarketRiskMember_zuf6ESCjU3Ye" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Over-the-Counter Market Risk. </i>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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMediumCapitalizationRiskMember_znM5nnGXZTUg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Small and Medium Capitalization Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SubsidiaryInvestmentRiskMember_zFh5eXs0Dcr9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Subsidiary Investment Risk.</i> Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary are organized, respectively, could result in the inability of the Fund to operate as intended and could negatively affect the Fund and its shareholders. The Subsidiary is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. Thus, the Fund, as an investor in the Subsidiary, will not have all the protections offered to investors in registered investment companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TurnoverRateRiskMember_zrYFJpRglcA6" style="font: 10pt Times New Roman, Times, Serif; text-align: justify;margin-top: 0pt; margin-bottom: 0pt"><i>Turnover Rate Risk</i>. The Fund may have portfolio turnover rates significantly in excess of 100%. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the the Fund’s performance and may produce increased taxable distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundRiskMember_z0xEiadoN3vl" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Underlying Fund Risk. </i>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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--AffiliatedMoneyMarketETFConflictOfInterestRiskMember_zV8KhagHkB38" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Affiliated Money Market ETF Conflict of Interest Risk.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuriesRiskMember_zLdhRRkSwXac" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>U.S. Treasuries Risk.</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryMarketRiskMember_zTAYPVuBc6hk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>U.S. Treasury Market Risk. </i>The U.S. Treasury market can be volatile, and the value of instruments correlated with these markets may fluctuate dramatically from day to day. U.S. Treasury obligations may provide relatively lower returns than those of other securities. Similar to other debt instruments, U.S. Treasury obligations are subject to debt instrument risk and interest rate risk. In addition, changes to the financial condition or credit rating of the U.S. Government may cause the value of U.S. Treasury obligations to decline.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--VolatilityRiskMember_zGlnBgANJIfd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Volatility Risk</i>. Significant short-term price movements could adversely impact the performance of the Fund. The Fund’s performance may be volatile, which means that the Fund’s performance may be subject to substantial short-term changes up or down.</p> <p id="xdx_A8E_eoef--PerformanceNarrativeTextBlock_zSHLPuw3n6Q6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Performance: </b><span id="xdx_900_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20261028__20261028__dei--LegalEntityAxis__custom--S000080584Member_zGFsPb8pwxx5">The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the Fund’s performance from year to year. The table shows how the Fund’s average annual total returns compare with those of a broad-based securities market index and an additional index. The additional index represents short-term Treasury bills and is included as a performance benchmark reflecting the cash-equivalent baseline that aligns with the Fund’s quantitative investment strategy.</span> <span id="xdx_90B_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000080584Member_zfxbBGPqixDc">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information is available at no cost by visiting <span id="xdx_905_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000080584Member_z2RcFLAYoke3"><span style="text-decoration: underline">www.simplify.us/etfs</span></span> or by calling <span id="xdx_906_eoef--PerformanceAvailabilityPhone_c20261028__20261028__dei--LegalEntityAxis__custom--S000080584Member_zWsrR6dt9iX8">1 (855) 772-8488</span>.</p> The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the Fund’s performance from year to year. The table shows how the Fund’s average annual total returns compare with those of a broad-based securities market index and an additional index. The additional index represents short-term Treasury bills and is included as a performance benchmark reflecting the cash-equivalent baseline that aligns with the Fund’s quantitative investment strategy. 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 <p id="xdx_A85_eoef--BarChartTableTextBlock_zwn5lV3fV8f7" style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><img alt="" src="pro-qis_001.jpg" style="height: 270px; width: 450px"/></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zsDn4zVc2du" 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%">2024</td> <td id="xdx_989_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000243093Member_zfZacLurZHGk" style="display: none; text-align: center; width: 50%">-0.19%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_980_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000243093Member_z5sR5LwWqX91" style="display: none; text-align: center">-36.92%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p> -0.0019 -0.3692 <p id="xdx_A83_eoef--BarChartClosingTextBlock_zmAkY8BR9mAf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify; text-indent: 0.5in">During the periods shown in the bar chart above, the Fund’s <span id="xdx_900_eoef--HighestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000080584Member_zxgVp0fwxNg4">highest quarterly return</span> was <span id="xdx_90E_eoef--BarChartHighestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000080584Member_zrrrhbpXJET5">2.04%</span> (quarter ended <span id="xdx_908_eoef--BarChartHighestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000080584Member_z9JZywGBq1t4">March 31, 2024</span>) and the Fund’s <span id="xdx_907_eoef--LowestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000080584Member_zhF1luKzg5F2">lowest quarterly return</span> was <span id="xdx_901_eoef--BarChartLowestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000080584Member_zoLwQpHmzAUb">-21.45%</span> (quarter ended <span id="xdx_903_eoef--BarChartLowestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000080584Member_zIxSM9W4L1Hj">December 31, 2025</span>). The calendar <span id="xdx_90B_eoef--YearToDateReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000080584Member_zxwMlnecUOoh">year-to-date total return</span> of the Fund as of <span id="xdx_900_eoef--BarChartYearToDateReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000080584Member_zIRfkqeL9B75">September 30, 2026</span> was <span id="xdx_90F_eoef--BarChartYearToDateReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000080584Member_zsBFy2GHh5v3">(24.70)%</span>.</p> highest quarterly return 0.0204 2024-03-31 lowest quarterly return -0.2145 2025-12-31 year-to-date total return 2026-09-30 -0.2470 Average Annual Total Returns for the Periods Ended December 31, 2025 <div id="xdx_A80_eoef--PerformanceTableTextBlock_z2Hge32ED7g8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zvVanim6WoAc" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse" 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_492_20250101__20251231_zBa3B49lTy3i" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td> </td> <td> </td> <td colspan="2" id="xdx_497_20230710__20251231_zRH9CaBbgapd" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Since <br/> Inception<br/> (<span id="xdx_904_eoef--PerfInceptionDate_c20261028__20261028__oef--ClassAxis__custom--C000243093Member_zk41V3nEHLS4">7/10/23</span>)</b></span></td> <td> </td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243093Member_zTZMV0Rtgawf" style="vertical-align: bottom; background-color: Gainsboro"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; width: 76%; vertical-align: top"><span style="font-size: 10pt">Return Before Taxes</span></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"><span style="font-size: 10pt">-36.92</span></td> <td style="width: 1%"><span style="font-size: 10pt">%</span></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"><span style="font-size: 10pt">-16.25</span></td> <td style="width: 1%"><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243093Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zkHP2riwL7C8" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt">Return After Taxes on Distributions</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">-37.50</span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">-17.15</span></td> <td><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243093Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zqQAcE3g8lB3" style="vertical-align: bottom; background-color: Gainsboro"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">-21.70</span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">-12.13</span></td> <td><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243093Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zG0WUtUAwj15" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt">Bloomberg U.S. Aggregate Bond Index (<span id="xdx_90D_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261028__20261028__dei--LegalEntityAxis__custom--S000080584Member_zDvknVNKhJV8">reflects no deduction for fees, expenses or taxes</span>)</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">7.30</span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">5.20</span></td> <td><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243093Member__oef--PerformanceMeasureAxis__custom--ICEBofA3MonthUSTreasuryBillIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zdaWEz90Oqoe" style="vertical-align: bottom; background-color: Gainsboro"> <td style="padding-bottom: 1pt; text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">ICE BofA 3 Month US Treasury Bill Index (reflects no deduction for fees, expenses or taxes)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">4.18</td> <td style="padding-bottom: 1pt">%</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">4.86</td> <td style="padding-bottom: 1pt">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> 2023-07-10 -0.3692 -0.1625 -0.3750 -0.1715 -0.2170 -0.1213 reflects no deduction for fees, expenses or taxes 0.0730 0.0520 0.0418 0.0486 <p id="xdx_A86_eoef--PerformanceTableClosingTextBlock_zh1pLk7gqX7b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span id="xdx_90E_eoef--PerformanceTableUsesHighestFederalRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000080584Member_zHb8D6BwAtC4">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.</span> <span id="xdx_90C_eoef--PerformanceTableNotRelevantToTaxDeferred_c20261028__20261028__dei--LegalEntityAxis__custom--S000080584Member_z9DQzE56Ban9">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.</span></p> 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. FUND SUMMARY – SIMPLIFY SHORT TERM TREASURY FUTURES STRATEGY ETF <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_zVQG09DAE3vf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Investment Objective:</b> The Simplify Short Term Treasury Futures Strategy ETF (the “Fund” or “TUA”) seeks to provide total return, before fees and expenses, that matches or outperforms the performance of the ICE US Treasury 7-10 Year Bond Index on a calendar quarter basis. The Fund does not seek to achieve its stated investment objective over a period of time different than a full calendar quarter.</p> <p id="xdx_A82_eoef--ExpenseNarrativeTextBlock_z8cH1ia5gJsb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Fees and Expenses of the Fund:</b> This table describes the fees and expenses that you may pay if you buy, sell, and hold shares of the Fund. <b>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.</b></p> <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_z3SHh3YV5Kje"></div> <table cellpadding="3" cellspacing="0" id="xdx_A58_dU_zaYujLPuZoLd" 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="background-color: #E0E0E0"> <td style="border: black 1pt solid; text-align: left; vertical-align: top; width: 65%"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses<br/> </b>(expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_498_20261028__20261028__dei--LegalEntityAxis__custom--S000077857Member__oef--ClassAxis__custom--C000238444Member_z8RBH3uJiRCd" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zwoFmnjrzSbb"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: top"><span style="font-size: 10pt">Management Fees</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.25%</span></td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_z3iUHUHmtwzb"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: top"><span style="font-size: 10pt">Distribution and Service (12b-1) Fees </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zTIo4fwe0moe"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: top"><span style="font-size: 10pt">Other Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.02%</span></td></tr> <tr id="xdx_40E_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zFW2cOj5XK94"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: top"><span style="font-size: 10pt">Acquired Fund Fees and Expenses<sup id="xdx_F4C_zR12pIbsSo4l">(1)</sup></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.12%</span></td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_dpn_zFXfNpFvwIn5"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: top"><span style="font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.39%</span></td></tr> </table> 0.0025 0.0000 0.0002 0.0012 0.0039 <p id="xdx_A8C_eoef--ExpenseExampleNarrativeTextBlock_zTZaQ2tMsYl6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b><i>Example: </i></b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt">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. <span id="xdx_90D_eoef--ExpenseExampleByYearCaption_c20261028__20261028__dei--LegalEntityAxis__custom--S000077857Member_zFMqadBNGG2g">Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zZKWug6aFah3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zrNtT724ICbl" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: gainsboro"> <td id="xdx_480_eoef--ExpenseExampleYear01_zArKqpmgte23" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_48A_eoef--ExpenseExampleYear03_zgDtaUgRLdRi" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 13%; text-align: center"><span style="font-size: 10pt"><b>3 Years</b></span></td> <td id="xdx_488_eoef--ExpenseExampleYear05_z3r3GMiuejO8" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 13%; text-align: center"><span style="font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_48A_eoef--ExpenseExampleYear10_z8PoRU6kqoV1" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; text-align: center"><span style="font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_412_20261028__20261028__dei--LegalEntityAxis__custom--S000077857Member__oef--ClassAxis__custom--C000238444Member_zX5sxnb1Ided" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">$37</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">$123</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">$217</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">$493</span></td></tr> </table> 37 123 217 493 <p id="xdx_A88_eoef--PortfolioTurnoverTextBlock_zctOgRtjta4b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b><i>Portfolio Turnover:</i></b> 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 <span id="xdx_905_eoef--PortfolioTurnoverRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000077857Member_zINF1vXwp4ha">0%</span> of the average value of the portfolio.</p> 0 <p id="xdx_A85_eoef--StrategyNarrativeTextBlock_zZHXuRs1azP9" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Principal Investment Strategies:</b> The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to provide total return, before fees and expenses, that matches or outperforms the performance of the ICE US Treasury 7-10 Year Bond Index (the “Index”) for a calendar quarter, not for any other period. While the Fund is not an index fund, it may invest in some of the constituents of the Index. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEludmVzdG1lbnQgU3RyYXRlZ3kA" id="xdx_908_efnd--NmRule35d1EightyPctInvstmntPlcyTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000077857Member_zcoUkCoQNfMk">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 futures contracts, call options, and put options on U.S. treasury futures, U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury or fixed income ETFs that invest in U.S. Treasuries. U.S. Treasuries are debt securities issued by the U.S. Department of the Treasury.</span> A futures contract is a financial agreement between two parties to transact an underlying asset at a specified price on a set future date. Under normal circumstances, the Fund invests primarily in futures contracts, call options, and put options on U.S. Treasury futures, U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury or fixed income ETFs that invest in U.S. Treasuries. The Fund will hold cash and cash-like instruments or high-quality short term fixed income securities (collectively, “Collateral”). The Collateral may consist of (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury with a duration of less than two years; (2) money market funds (including affiliated money market ETFs); (3) fixed income ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by companies that are rated investment grade or of comparable quality. The Adviser considers an unrated security to be of comparable quality to a security rated investment grade if it believes it has a similar low risk of default.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The Adviser will engage in quarterly rebalancing to position the Fund’s portfolio to align exposure to the Index consistent with the Fund’s quarterly investment objective. The impact of changes to the composition and value of the Index each quarter will affect the magnitude of the Fund’s portfolio rebalancing.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The Index is a non-investable index that is part of a series of indices intended to assess U.S. Treasury issued debt. The Index is market value weighted and is designed to measure the performance of U.S. dollar-denominated, fixed rate securities with minimum term to maturity greater than seven years and less than or equal to ten years.</p> 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 futures contracts, call options, and put options on U.S. treasury futures, U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury or fixed income ETFs that invest in U.S. Treasuries. U.S. Treasuries are debt securities issued by the U.S. Department of the Treasury. <p id="xdx_A8C_eoef--RiskTextBlock_zjcb5gpJpQ78" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Principal Investment Risks:</b> <i><span id="xdx_904_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000077857Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zdFkifFvBfGf">As with all funds, there is the risk that you could lose money through your investment in the Fund.</span></i><i> Many factors affect the Fund’s NAV and price of shares and performance.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The following describes the principal risks the Fund bears with respect to its investments. <span id="xdx_909_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000077857Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zwwsA628xr2">As with any fund, there is no guarantee that the Fund will achieve its goal.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 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. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuriesRiskMember_zVUbccFgDlF1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>U.S. Treasuries Risk.</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesRiskMember_z9hnxkdgaJpe" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Futures Risk</i>. 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. Investments in futures involve leverage, which means a small percentage of assets invested in futures can have a disproportionately large impact on the Fund. This risk could cause the Fund to lose more than the principal amount invested. Futures contracts may become mispriced or improperly valued when compared to the Adviser’s expectation and may not produce the desired investment results. Additionally, changes in the value of futures contracts may not track or correlate perfectly with the underlying index because of temporary, or even long-term, supply and demand imbalances and because futures do not pay interest unlike the securities upon which they are based. When short-term borrowing rates are higher than short-term, medium-term, or long-term U.S. Treasury rates, the use of futures will tend to detract from the Fund’s returns.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--QuarterlyRebalancingRiskMember_zwjZB5bObYif" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Quarterly Rebalancing Risk.</i> The quarterly rebalancing of the Fund’s portfolio will cause the Fund to incur transaction costs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShorttermInvestmentRiskMember_zLmk717RHpn1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Short-Term Investment Risk.</i> Investors holding shares of the Fund over longer-term periods may be subject to increased risk of loss. The Fund is intended to be used only for short-term investment horizons. An investor in the Fund can lose a substantial portion of his or her investment within a single day. The longer an investor’s holding period in the Fund, the greater the potential for loss.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_z9ics0xqPNj3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Active Management Risk.</i> The Fund is subject to the risk that the investment management strategy may not produce the intended results and may negatively impact Fund performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashOrCashEquivalentsRiskMember_zfkDi4ZlSO0c" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Cash or Cash Equivalents Risk.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zlscUlk3UX23" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Counterparty Risk.</i> Counterparty risk is the risk that a counterparty to a financial instrument held by the Fund or by a special purpose or structured vehicle invested in by the Fund may become insolvent or otherwise fail to perform its obligations, and the Fund may obtain no or limited recovery of its investment, and any recovery may be significantly delayed.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zHRBWdptiV9h" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Derivatives Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zjpaL6D4La7c" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Early Close/Trading Halt Risk.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfStructureRisksMember_zamR9dSvAiZg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>ETF Structure Risks: </i>The Fund is structured as an ETF and may invest in underlying ETFs. As a result, the Fund is subject to special risks, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Not Individually Redeemable</i>. The Fund’s shares (“Shares”) are not redeemable by retail investors and may be redeemed only by Authorized Participants at net asset value (“NAV”) and only in Creation Units. A retail investor generally incurs brokerage costs when buying and selling shares.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Trading Issues</i>. 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Market Price Variance Risk</i>. 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 in 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">In times of market stress, market makers may step away from their role of market making in the Shares and in executing trades, which can lead to differences between the market value of the Shares and the Shares’ NAV.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">The market price of the Shares may deviate from NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for the Shares than NAV, which is reflected in the bid and ask price for the Shares or in the closing price.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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 NAV.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Authorized Participant Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zwAr7Cidvake" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Fixed Income Securities Risk.</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities or duration will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_z05DFof417T2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Leverage Risk.</i> The use of leverage by the Fund, such as the use of options, may cause the Fund to incur additional expenses and magnify the Fund’s gains or losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_z6hGZVoUCI75" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Market and Geopolitical Risk. </i>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, tariffs and trade wars, international conflicts and wars, 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionRiskMember_zKjLGB2xQO89" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Option Risk.</i> As the buyer of a put or call option, the Fund risks losing the entire premium invested in the option if the Fund does not exercise the option.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OverthecounterMarketRiskMember_zYMyMILOUUEe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Over-the-Counter Market Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundRiskMember_zwEfeZk8Oo7f" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Underlying Fund Risk.</i> Other investment companies i.e. ETFs and money market funds (“Underlying Funds”) 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 Underlying Funds and may be higher than other funds that invest directly in stocks and bonds. Each of the Underlying Funds is subject to its own specific risks, but the Adviser expects the principal investments risks of such Underlying Funds will be similar to the risks of investing in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--AffiliatedMoneyMarketETFConflictOfInterestRiskMember_zNj5jMjh6HBi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Affiliated Money Market ETF Conflict of Interest Risk.</i> 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.</p> <p id="xdx_A8E_eoef--PerformanceNarrativeTextBlock_z8iSnC0p7dfj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Performance: </b><span id="xdx_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20261028__20261028__dei--LegalEntityAxis__custom--S000077857Member_z4dbarM52Gjf">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 and an additional index.</span> The additional index tracks intermediate-maturity U.S. Treasury bonds and is included as a performance benchmark that provides yield curve context for the Fund’s short-term Treasury futures strategy. <span id="xdx_907_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000077857Member_zKqcKoLvjoYj">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information is available at no cost by visiting <span id="xdx_906_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000077857Member_zkDJ5RThr7B6"><span style="text-decoration: underline">www.simplify.us/etfs</span></span> or by calling <span id="xdx_90A_eoef--PerformanceAvailabilityPhone_c20261028__20261028__dei--LegalEntityAxis__custom--S000077857Member_zjo4NLsASEa9">1 (855) 772-8488</span>.</p> 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 and an additional 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 <p id="xdx_A8E_eoef--BarChartTableTextBlock_zNoQTem77sz3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><img alt="" src="pro-tua_001.jpg" style="height: 271px; width: 450px"/></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zpJpuArVOdj4" 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%">2023</td> <td id="xdx_989_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000238444Member_zXy2Vza1NwW1" style="display: none; text-align: center; width: 50%">-2.17%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_98B_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000238444Member_zSwb0Z71ykdj" style="display: none; text-align: center">-3.54%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_98D_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000238444Member_zx1GstY1ceT5" style="display: none; text-align: center">7.29%</td></tr> </table> -0.0217 -0.0354 0.0729 <p id="xdx_A80_eoef--BarChartClosingTextBlock_zH8xlaS4jaBb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify; text-indent: 0.5in">During the periods shown in the bar chart above, the Fund’s <span id="xdx_904_eoef--HighestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000077857Member_zhvH2xROOC9a">highest quarterly return</span> was <span id="xdx_901_eoef--BarChartHighestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000077857Member_zVgNGoymGFI3">9.10%</span> (quarter ended <span id="xdx_904_eoef--BarChartHighestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000077857Member_za6jaGUmuoI6">September 30, 2024</span>) and the Fund’s <span id="xdx_904_eoef--LowestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000077857Member_z7Rz96a3CVLh">lowest quarterly return</span> was <span id="xdx_90D_eoef--BarChartLowestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000077857Member_zA2UudWrPag">-9.39%</span> (quarter ended <span id="xdx_90F_eoef--BarChartLowestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000077857Member_zzbrHuC4ZSb6">June 30, 2023</span>). The calendar <span id="xdx_90B_eoef--YearToDateReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000077857Member_zMhJsyIjjpSg">year-to-date total return</span> of the Fund as of <span id="xdx_90F_eoef--BarChartYearToDateReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000077857Member_zxJGzEf0mFkd">September 30, 2026</span> was <span id="xdx_90F_eoef--BarChartYearToDateReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000077857Member_z2GFpvk6TIod">(11.34)%</span>.</p> highest quarterly return 0.0910 2024-09-30 lowest quarterly return -0.0939 2023-06-30 year-to-date total return 2026-09-30 -0.1134 Average Annual Total Returns for the Periods Ended December 31, 2025 <div id="xdx_A87_eoef--PerformanceTableTextBlock_zv6BCjIblOGe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zL8bYC7ZrvMd" 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="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: bottom"> </td> <td> </td> <td colspan="2" id="xdx_493_20250101__20251231_zeRDDv89IKoc" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td> </td> <td> </td> <td colspan="2" id="xdx_495_20221114__20251231_zBzXROLCv6Wc" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Since<br/> Inception<br/> (<span id="xdx_907_eoef--PerfInceptionDate_c20261028__20261028__oef--ClassAxis__custom--C000238444Member_zD5wARmLVJSa">11/14/22</span>)</b></span></td> <td> </td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000238444Member_zcJQw2VEER3j" style="vertical-align: bottom; background-color: Gainsboro"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 76%"><span style="font-size: 10pt">Return Before Taxes</span></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"><span style="font-size: 10pt">7.29</span></td> <td style="width: 1%"><span style="font-size: 10pt">%</span></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"><span style="font-size: 10pt">0.20</span></td> <td style="width: 1%"><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000238444Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z12kCgiiRj5b" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 10pt">Return After Taxes on Distributions</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">5.62</span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">-1.58</span></td> <td><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000238444Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zKktGUjuLte6" style="vertical-align: bottom; background-color: Gainsboro"> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 10pt">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">4.29</span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">-0.61</span></td> <td><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000238444Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_z1AjfjvWljQg" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-size: 10pt">Bloomberg U.S. Aggregate Bond Index (<span id="xdx_905_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261028__20261028__dei--LegalEntityAxis__custom--S000077857Member_zqYVvMXnatj2">reflects no deduction for fees, expenses or taxes</span>)</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">7.30</span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">4.95</span></td> <td><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000238444Member__oef--PerformanceMeasureAxis__custom--ICEUSTreasury710YearBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zGwsy0wYR5Jh" style="vertical-align: bottom; background-color: Gainsboro"> <td style="padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in">ICE US Treasury 7-10 Year Bond Index (<span id="xdx_90F_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261028__20261028__dei--LegalEntityAxis__custom--S000077857Member_zEgbixV9f4l7">reflects no deduction for fees, expenses or taxes</span>)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">8.20</td> <td style="padding-bottom: 1pt">%</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">3.73</td> <td style="padding-bottom: 1pt">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 2022-11-14 0.0729 0.0020 0.0562 -0.0158 0.0429 -0.0061 reflects no deduction for fees, expenses or taxes 0.0730 0.0495 reflects no deduction for fees, expenses or taxes 0.0820 0.0373 <p id="xdx_A86_eoef--PerformanceTableClosingTextBlock_zT79wq95enC9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span id="xdx_904_eoef--PerformanceTableUsesHighestFederalRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000077857Member_zTcdIcAS8yS9">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.</span> <span id="xdx_908_eoef--PerformanceTableNotRelevantToTaxDeferred_c20261028__20261028__dei--LegalEntityAxis__custom--S000077857Member_zR4pFim157Z8">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.</span></p> 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. FUND SUMMARY – SIMPLIFY TARGET 15 DISTRIBUTION ETF <p id="xdx_A88_eoef--ObjectivePrimaryTextBlock_zPy7gx23uBwj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment Objective:</b> The Simplify Target 15 Distribution ETF (the “Fund” or “XV”) seeks to provide monthly income.</span></p> <p id="xdx_A85_eoef--ExpenseNarrativeTextBlock_zqxyMd44XGS3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fees and Expenses of the Fund:</b> This table describes the fees and expenses that you may pay if you buy, sell, and hold Shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table or examples below.</b></span></p> <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zT2THPXRH3Y8"></div> <table cellpadding="3" cellspacing="0" id="xdx_A52_dU_z6QuqjbvwBh8" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 80%; margin-right: auto; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro"> <td style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_49C_20261028__20261028__dei--LegalEntityAxis__custom--S000091619Member__oef--ClassAxis__custom--C000259297Member_zGtPxc3n1c59" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zWmu38EV9nHj" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fees</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.75%</span></td> </tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zm2vKDXgR1Ja" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; width: 65%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and Service (12b-1) Fees</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00</span>%</td> </tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zUwmnKDRaGz6" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00</span>%</td> </tr> <tr id="xdx_409_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zB3zRvTEVIr" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">Acquired Fund Fees and Expenses<sup id="xdx_F49_zBDold0UaCz3">(1)</sup></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">0.11%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zsQmO0MHt2Hc" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.86%</span></td> </tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zMSkMIXQBzff" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">Fee Waiver<sup id="xdx_F47_zpxI81lqs1M6">(2)</sup></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">(0.10)%</td></tr> <tr id="xdx_40C_eoef--NetExpensesOverAssets_dpn_zENasT5bh5Vj" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">Total Annual Fund Operating Expenses After Fee Waiver</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">0.76%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span id="xdx_F0A_z5MaYtcm3b0j" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span id="xdx_F1A_z54QhKtZUssa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eoef--OtherExpensesNewFundBasedOnEstimates_c20261028__20261028__dei--LegalEntityAxis__custom--S000091619Member_zWq2xXN6M4l8"> 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.</span></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right; vertical-align: top"></td> <td id="xdx_F0B_zHCnMaK3Hic9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left; text-indent: 0in; vertical-align: top">(2)</td> <td id="xdx_F16_zOB0mPgDMKz2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in"> The Fund’s adviser has contractually agreed, through at least <span id="xdx_906_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20261028__20261028__dei--LegalEntityAxis__custom--S000091619Member_z11XXGJISmPf">October 31, 2027</span>, to waive its management fees to 0.65% of the Fund’s average daily net assets. This agreement may be terminated only by the Trust’s Board of Trustees on 60 days’ written notice to the Fund’s adviser.</td></tr> </table> 0.0075 0.0000 0.0000 0.0011 0.0086 -0.0010 0.0076 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. October 31, 2027 <p id="xdx_A8E_eoef--ExpenseExampleNarrativeTextBlock_z37tqrhuFqZj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Example: </i></b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. The Example further assumes that the Fund’s fee waiver agreement will only be in place for the term specified above. <span id="xdx_90C_eoef--ExpenseExampleByYearCaption_c20261028__20261028__dei--LegalEntityAxis__custom--S000091619Member_zRUUM79xERuj">Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zqL9kaA19qyc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zqhHvP39cU6f" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom; background-color: gainsboro"> <td id="xdx_48C_eoef--ExpenseExampleYear01_zD1TaViRVs8l" style="border-bottom: black 1pt solid; width: 12%"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>1 Year</b></p></td> <td id="xdx_482_eoef--ExpenseExampleYear03_z3ry7NQyQS4h" style="border-bottom: black 1pt solid; width: 13%; text-align: center"><span style="font-size: 10pt"><b>3 Years</b></span></td> <td id="xdx_48A_eoef--ExpenseExampleYear05_ze8g88BON9S5" style="border-bottom: black 1pt solid; width: 13%; text-align: center"><span style="font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_488_eoef--ExpenseExampleYear10_zdsOlp6vTk5h" style="border-bottom: black 1pt solid; width: 12%; text-align: center"><span style="font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_41B_20261028__20261028__dei--LegalEntityAxis__custom--S000091619Member__oef--ClassAxis__custom--C000259297Member_zNlW2N24JOs6" style="vertical-align: top"> <td style="text-align: center"><span style="font-size: 10pt">$78</span></td> <td style="text-align: center"><span style="font-size: 10pt">$265</span></td> <td style="text-align: center"><span style="font-size: 10pt">$468</span></td> <td style="text-align: center"><span style="font-size: 10pt">$1,053</span></td></tr> </table> 78 265 468 1053 <p id="xdx_A81_eoef--PortfolioTurnoverTextBlock_z1VqvGVWI8n6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b><i>Portfolio Turnover: </i></b>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 <span id="xdx_908_eoef--PortfolioTurnoverRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000091619Member_zDs7sHacdcG6">0%</span> of the average value of its portfolio.</p> 0 <p id="xdx_A8F_eoef--StrategyNarrativeTextBlock_zjRzhzsy8aHb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Principal Investment Strategies:</b> The Fund is an actively managed exchange-traded fund (“ETF”). The Fund’s Adviser seeks to fulfill the Fund’s investment objective by using two income strategies: (1) an interest income strategy and (2) an income generating option spread strategy. Target 15 in the Fund’s name refers to the goal of making monthly distributions at an annualized rate (after fees and expenses) of 15%. This goal is merely aspirational as the Fund is not a managed distribution fund that will meet a distribution target regardless of Fund returns. <b>The Fund’s distribution policy is not guaranteed to generate distributions that equal a fixed percentage of the Fund’s current net asset value per share. Shareholders receiving periodic payments from the Fund may be under the impression that they are receiving net profits. However, all or a portion of a distribution may consist of a return of capital (i.e., from your original investment). Return of capital represents a return of a portion of a Fund shareholder’s invested capital and is not taxable in the year it is received unless the distribution exceeds a shareholder’s basis in the Fund. However, a return of capital may result in an increase in a later gain on a sale of Fund Shares or a reduction of a loss. There is no guarantee that the Adviser will be successful in its attempt to have the Fund’s distribution payments meet the target without some return of capital.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Due to the unique mechanics of the Fund’s strategy, the return an investor can expect to receive from an investment in the Fund has characteristics that are distinct from many other investment vehicles. It is important that an investor understand the characteristics of the Fund before making an investment in the Fund. The Fund differs from other funds that utilize a defined outcome investment strategy. The Fund does not provide a barrier against losses that serves to provide for a maximum amount of potential losses. As a result, an investor can lose its entire investment prior to consideration of any distribution payments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Interest Income Strategy</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund invests primarily in interest income producing U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury and fixed income ETFs that invest primarily in U.S. Government securities. The Fund targets an average securities portfolio duration of two years or less but does not restrict individual security maturity. Duration is a measure of the price sensitivity of a debt instrument when interest rates change. For example, if a note has a duration of 1 year, a 1% rise in rates would result in a 1% decline in price. The Adviser selects securities to maximize portfolio yield within the current duration target and the Adviser sells securities primarily to adjust portfolio duration.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Income Generating Option Spread Strategy</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">To generate additional income, the Fund employs an option spread writing strategy on equity ETFs and equity indexes that are representative of major equity market sectors: (i) large capitalization stocks, (ii) domestic and international nonfinancial stocks, and (iii) small capitalization stocks. Written options are partially hedged because the Fund owns a partially offsetting option to reduce a portion of the Fund’s risk. The Adviser selects equity indexes and equity ETFs holding stocks of any market capitalization. The Adviser focuses on indexes that are representative of major equity market sectors described above and index-based domestically-traded ETFs linked to those indexes. The Adviser anticipates focusing on using three ETFs that are representative of major equity market sectors, large capitalization stocks, domestic and international nonfinancial stocks, and small capitalization stocks as represented by: (1) SPDR^® S&amp;P 500^®ETF Trust (“SPY”), (2) Invesco QQQ Trust℠, Series 1 (“QQQ”), and (3) iShares^® Russell 2000 ETF (“IWM”), respectively. However, with notice to shareholders, other major equity market sectors, as represented by indexes or ETFs may be used if they offer higher returns.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Option spread writing is intended to generate income for the Fund by capturing written put option premiums that are larger than the cost of purchasing a partially offsetting put option. In a put option spread, the Fund writes an at-the-money or out-of-the-money (below current market price) put option while also purchasing a further out-of-the-money put option. For example, in general conceptual terms, if the Fund received $7 for writing a one-year put option with a strike price of $100 when the reference asset was at $100; while simultaneously investing $5 in one-year put option with a strike price of $95, it would have a potential income gain of $2 if both options expired worthless. The $2 gain is the difference between the premium received and premium spent. In this example, the options will expire worthless if the reference asset is at $100 or higher at the end of one year. However, if the reference assets price is lower than $100 at the end of one year the Fund may suffer losses and generate no income. Specifically, if the reference asset price at the end of one year was $95 or lower the Fund would suffer a net loss of $3 ($5 net loss on the combination of the written option and the purchased option that is partially offset by the net $2 premium received).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">The Adviser executes the option strategy primarily through over-the-counter options, swap contracts and forward contracts, but may also use listed options. Swaps and forwards are used to produce option-like outcomes when they are more economically efficient than options. The Adviser uses a proprietary selection process that focuses on (i) allocation among option sub-strategies that are, in total, expected to produce at least 15% annual returns; and (ii) option strike prices and maturities consistent with the 15% return goal. The Adviser focuses the Fund’s portfolio on options with a one-year maturity. However, because the size of the Fund, index price levels, and ETF prices will change over time, the Fund’s option portfolio will have multiple maturities and strike prices. The Adviser replaces maturing options and may adjust positions following a large (over 10%) price swing in an option’s reference asset price. The Adviser has no set rebalancing or resetting cycle for the Fund’s portfolio but will make an adjustment to produce higher expected returns.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">The following describes the spread option strategies employed, whether directly through options or through options imbedded in a swap contract or forward contract. The Fund anticipates investing primarily under the “Worst of Three” Barrier Put Spread Sub-Strategy described below, but will increase allocations to the Barrier Put Spread Sub-Strategy and General Put Spread Sub-Strategy to attempt to achieve the 15% return goal, if the Worst of Three Barrier Put Spread Sub-Strategy is insufficient to reach this goal. The Adviser may not be successful in implementing any of the spread strategies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Barrier Put Spread Sub-Strategy</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In a barrier put spread strategy the Fund seeks to provide an investment “barrier” – an investment strategy whereby a payoff depends upon whether a reference asset has breached a predetermined performance level (e.g. 25% loss). However, barriers will likely range from 10% to 30%. For an outcome period for a particular spread, the Fund establishes a barrier against losses that is based upon the performance of a reference asset over the duration of the outcome period. The Fund is not expected to experience losses, on a specific barrier spread, over the course of an outcome period if the market value of the reference asset decreases by the barrier amount (e.g. 25%) or less. Barrier option spreads do not provide a portfolio-wide level of downside protection. If at the conclusion of an outcome period, the reference asset losses have breached the barrier, the Fund will experience losses. Generally, losses will be to the full extent of the reference asset on a one-to-one basis. The Adviser may not be successful in implementing a barrier spread strategy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The Barrier. </i>Fund shareholders are subject to all of the losses experienced by the reference asset, such as an index or index-representative ETF (“RA”); however, for a specific barrier put spread, the Fund provides a barrier such that investors will only experience losses if the RA experiences losses that exceed the barrier at the end of a selected outcome period. For example, a specific barrier might be set at a level such that investors are not expected to experience losses against the first 25% of RA losses over the course of a selected outcome period, to the extent RA decreases in value by 25% or less. Barrier option spreads do not provide a portfolio-wide level of downside protection. The barrier is provided irrespective of the Fund’s annual management fee, transaction fees and any extraordinary expenses incurred by the Fund, however any losses that an investor experiences in relation to the barrier will be reduced by the Fund’s annual management of 0.75% and further reduced by any shareholder transaction fees and any extraordinary expenses incurred by the Fund. The Fund’s barrier strategy, for a specific barrier put spread, is designed to produce outcomes upon the expiration of its barrier-related options investments on the last day of a selected outcome period and it therefore should not be expected that the barrier will be provided at any point prior to the last day of a selected outcome period. There is theoretically no limit on losses the Fund could experience, and an investor may lose all of its investment. An investment in the Fund is only appropriate for shareholders willing to bear those losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The structure of the Fund’s barrier-related options is such that, for a specific barrier put spread, if at the conclusion of a selected outcome period, RA losses have breached the barrier, the Fund will begin to experience losses starting at the barrier. The Fund will experience one of two loss profiles: “Initial Breach Losses” or “Full Breach Losses”. As further described below, for a specific barrier put spread, the operation of the Fund’s barrier-related options is such that, at the end of a selected outcome period, if RA losses measured over a outcome period exceed the barrier (in this example, 25%) but are less than 26%, the Fund will experience, prior to the payment of any distributions, accelerated losses from 0% to 26%. If, for a specific barrier put spread, at the end of a selected outcome period, RA losses measured over an outcome period exceed 26%, the Fund will experience, prior to the payment of any distributions, one-to-one losses of the RA.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in"></td> <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Initial Breach Losses</i>. For a specific barrier put spread, Initial Breach Losses occur when RA has exceeded the barrier, but by an amount less than or equal to 26%. Initial Breach Losses occur as a result of the combination of the Fund’s put option spreads as well as a sold put option contract. Specifically, in this example the Fund invests in a package of 25 put option spreads that provide losses of up to 1% for each spread while simultaneously selling a put option that provides one-to-one downside exposure starting at -25% of RA. If, for a specific barrier put spread, RA losses exceed the barrier, but by an amount less than or equal to 27%, the Fund will experience the below losses over an outcome period:</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Example Outcome Period Initial and Full Breach Losses Profile</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto"> <tr style="background-color: #C7C8CA"> <td style="border: black 1pt solid; vertical-align: bottom; background-color: Gainsboro; width: 20%; text-align: center"> <p style="text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SPY</b></span></p> <p style="text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Losses</b></span></p></td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; background-color: Gainsboro; width: 20%; text-align: center"> <p style="text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Put Spread</b></span></p> <p style="text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Losses</b></span></p></td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; background-color: Gainsboro; width: 20%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Put<br/> Losses</b></span></td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; background-color: Gainsboro; width: 20%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Contribution to<br/> Fund Performance</b></span></td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.00%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.25%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.25%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.25%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.50%</span></td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.50%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-12.50%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.50%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-13.00%</span></td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.75%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-18.75%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0.75%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.50%</span></td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-26.00%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.00%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.00%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-26.00%</span></td></tr> <tr> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-27.00%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-25.00%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-2.00%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-27.00%</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.5in"></td> <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Full Breach Losses. </i> For a specific barrier put spread, Full Breach Losses occur after RA losses are equal to or exceed 26%. Full Breach Losses, for a specific barrier put spread, are a result of the Fund’s barrier-related options and expose the Fund to the extent of RA losses on a one-to-one basis over the course of a selected outcome period. As shown in the table above, for a specific barrier put spread, if RA’s loss has exceeded 26%, the Fund’s put spread options will produce a loss of 25% and the Fund’s naked put option will produce the remaining loss such that losses, in combination, will equal the losses of RA. There is no limit on losses the Fund can experience, and an investor may lose nearly its entire investment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>“Worst of Three” Barrier Put Spread Sub-Strategy</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;text-align: justify">This sub-strategy is the focus of the Fund’s option writing strategy. A “worst of” barrier put spread strategy is designed to produce the same return outcome profile as a barrier strategy, but rather than use a single reference asset, three reference assets are used. This type of option that binds up three reference assets is complex and is sometimes referred to as a compound option (i.e. an option on more than one reference asset). The Adviser expects to execute this aspect of the strategy through an over-the-counter option or as embedded in a swap. However, “worst of” barrier option spreads do not provide a portfolio-wide level of downside protection. Here, on a specific “worst of” barrier spread, the predetermined performance level (e.g. 25%) is measured against the worst performing of the reference assets over an outcome period. However, barriers will likely range from 10% to 30%. The Adviser may not be successful in implementing a “worst of” barrier spread strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>General Put Spread Sub-Strategy</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in;text-align: justify">When the Adviser believes non-barrier option writing is compelling, it may employ other put spread strategies. In a put option spread, the Fund writes an at-the-money or out-of-the-money (below current market price) put option while also purchasing a further out-of-the-money put option. However, option spreads do not provide a portfolio-wide level of downside protection. The Adviser may not be successful in implementing a general spread strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Generally, the Adviser writes options (whether direct or through options imbedded in a swap contract or forward contract) that it expects to expire worthless. Additionally, while the Adviser expects options to be held to expiration, it may adjust positions following a large (over 10%) price swing in an option’s reference asset price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">A put option gives the owner the right, but not the obligation, to sell a reference asset at a specified price (strike price) within, or at the end of, a specific time period. An at-the-money put option has a strike price equal to the current price of the reference asset. An out-of-the-money put option has a strike price below the current price of the reference asset. By selling put options in return for the receipt of premiums (the purchase price of an option), the Adviser attempts to increase Fund income as the passage of time decreases the value of the written options. For example, if a written option expires worthless, the entire premium received is income to the Fund. While derivative-based gains are considered capital gains under GAAP (generally accepted accounting principles) they are commonly described as income by securities market participants. The Fund has adopted the market convention of describing option premium as income. The option writing strategy is a form of leveraged investing. The Adviser primarily considers options, swaps and forwards with up to two years to maturity. However, the Adviser anticipates concentrating on options (whether direct or imbedded in a swap or forward) with shorter maturities because the option value erodes faster than with long-term options. For example, the option premium received by the Fund for writing a sequence of one-year options would be larger than the option premium received by the Fund for writing a single two-year option.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When writing options or entering into swap and forward contracts, the Fund is required to post collateral to assure its performance to the counterparty. The Fund will hold cash and cash-like instruments or high-quality short term fixed income securities (collectively, “Collateral”). The Collateral may consist of (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds (including affiliated money market ETFs); (3) fixed income ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by companies that are rated investment grade or of comparable quality. The Adviser considers an unrated security to be of comparable quality to a security rated investment grade if it believes it has a similar low risk of default.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended, which means that the Fund may invest a higher percentage of its assets in a fewer number of issuers than is permissible for a “diversified” fund.</span></p> <p id="xdx_A8C_eoef--RiskTextBlock_zIyDbnjBk6Oi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principal Investment Risks:</b> <i><span id="xdx_90A_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000091619Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zyBsoyAdHDn4">As with all funds, there is the risk that you could lose money through your investment in the Fund.</span> Many factors affect the Fund’s NAV and price of Shares and performance.</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following describes the principal risks the Fund bears with respect to its investments. <span id="xdx_909_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000091619Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zFPetUXtUW7">As with any fund, there is no guarantee that the Fund will achieve its goal.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 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. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zSSaahda6efd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Active Management Risk. </i>The Fund is subject to the risk that the investment management strategy may not produce the intended results and may negatively impact Fund performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zsfuI52ynys5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Equity Securities Risk.</i> Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. The equity securities linked to options held or written by the Fund may experience sudden, unpredictable drops in value or long periods of decline in value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_z5hMwpa97xCi" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market and Geopolitical Risk.</i> 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, natural disasters, pandemics, epidemics, terrorism, tariffs and trade wars, international conflicts and wars, 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z8AqnVfcwDT2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Derivatives Risk.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionRiskMember_zGVnI84gicu1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Option Risk.</i> As the buyer of a put option, the Fund risks losing the entire premium invested in the option if the Fund does not exercise the option. Spread writing exposes the Fund to losses up to the amount between strike prices of the purchased option and the written option. Barrier put spread writing exposes the Fund to sudden and significant losses if the barrier is breached. This risk is amplified in a “worst of” put spread strategy because one of the reference assets may significantly underperform the others.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapsRiskMember_z7UTW8cUyc1k" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Swaps Risk</i>. Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForwardContractRiskMember_zJzJ0HPvQhTa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Forward Contract Risk.</i> A decision as to whether, when, and how to use forward contracts involves the exercise of skill and judgment and even a well-conceived forward contract transaction may be unsuccessful because of market behavior or unexpected events. The primary risks associated with the use of forward contracts, which may adversely affect the Fund are possible lack of a liquid secondary market and the possibility that the counterparty will default.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zO14OXcNvgUi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Counterparty Risk.</i> Counterparty risk is the risk that a counterparty to a financial instrument held by the Fund or by a special purpose or structured vehicle invested in by the Fund may become insolvent or otherwise fail to perform its obligations, and the Fund may obtain no or limited recovery of its investment, and any recovery may be significantly delayed.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zOPVyxfItYJk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leverage Risk.</i> The use of leverage by the Fund, such as through the use of options, will cause the Fund to incur additional expenses and magnify the Fund’s gains or losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryRiskMember_zJEp5fdNCqna" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Limited History Risk. </i>The Fund is a new ETF and has a limited history of operations for investors to evaluate.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--OverthecounterMarketRiskMember_z682Xq8j2SJ7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Over-the-Counter Market Risk.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--DistributionPolicyRiskMember_z3rfNHx2UoUj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Distribution Policy Risk</i>. The Fund’s distribution policy is not guaranteed to generate distributions that equal a fixed percentage of the Fund’s current net asset value per share. There is no guarantee that the Adviser will be successful in its attempt to have the Fund’s distribution payments meet the target without some return of capital. Shareholders receiving periodic payments from the Fund may be under the impression that they are receiving net profits.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in"></td> <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Tax Risk</i>. All or a portion of a distribution may consist of a return of capital (i.e., from your original investment). Shareholders should not assume that the source of a distribution from the Fund is net profit. Shareholders should note that return of capital will reduce the tax basis of their Shares and potentially increase the taxable gain, if any, upon disposition of their Shares. </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMediumCapitalizationRiskMember_zR8ruLUCoS1c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Small and Medium Capitalization Risk.</i> The Fund is indirectly exposed to small and medium capitalization companies through its option spread strategies. 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompaniesRiskMember_zv1fQtwyl6S3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Large Capitalization Companies Risk</i>. The Fund is indirectly exposed to large capitalization companies through its option spread strategies. Large capitalization companies may grow at a slower rate and be less able to adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market cycles.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedFundRiskMember_zZ29KSBWqJQ6" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Non-Diversified Fund Risk.</i> <span id="xdx_90F_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000091619Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zS1nEhDChIfl">Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_ztXG5WapqhS1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fixed Income Securities Risk. </i>The value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryAndAgencyMarketRiskMember_zc9Rbay9alN9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>U.S. Treasury and Agency Market Risk.</i> Similar to other debt instruments, U.S. Treasury and agency obligations are subject to debt instrument risk and interest rate risk. In addition, changes to the financial condition or credit rating of the U.S. Government may cause the value of U.S. Treasury and agency obligations to decline. Typically, U.S. agency obligations are not backed by the full faith and credit of the U.S. Treasury.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundRiskMember_zs5dfhrqzVOe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Underlying Fund Risk.</i> Other investment companies, i.e. ETFs and money market funds (“Underlying Funds”) 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 Underlying Funds and may be higher than other mutual funds that invest directly.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--AffiliatedMoneyMarketETFConflictOfInterestRiskMember_zJCKu4Yn9Rci" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Affiliated Money Market ETF Conflict of Interest Risk.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zk39KhSmxIbl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Early Close/Trading Halt Risk.</i> 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFStructuresRisksMember_zidJOc41Hdjf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>ETF Structure Risks:</i> The Fund is structured as an ETF and may invest in underlying ETFs. As a result, the Fund is subject to special risks, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Not Individually Redeemable</i>. The Fund’s Shares are not redeemable by retail investors and may be redeemed only by Authorized Participants at NAV and only in Creation Units. A retail investor generally incurs brokerage costs when selling Shares.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading Issues</i>. Trading in Shares on 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.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Market Price Variance Risk</i>. 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 in 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.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Shares’ NAV.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market price of the Shares may deviate from NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Shares than NAV, which is reflected in the bid and ask price for the Shares or in the closing price.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 NAV.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Authorized Participant Risk.</i> 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.</span></td> </tr> </table> <p id="xdx_A81_eoef--PerformanceNarrativeTextBlock_zI73yAGuNlta" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Performance: </b><span id="xdx_903_eoef--PerformanceOneYearOrLess_c20261028__20261028__dei--LegalEntityAxis__custom--S000091619Member_zztG5gKyKiT3">Performance information will be available in the prospectus after the Fund has been in operation for one full calendar year.</span> <span id="xdx_909_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000091619Member_z9Z105p2NFl8">Past performance is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information will be available at no cost by visiting <span id="xdx_901_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000091619Member_zpKJ9CwZSg96"><span style="text-decoration: underline">www.simplify.us</span></span> or by calling <span id="xdx_90E_eoef--PerformanceAvailabilityPhone_c20261028__20261028__dei--LegalEntityAxis__custom--S000091619Member_zAENoFLsvc09">1 (855) 772-8488</span>.</p> Performance information will be available in the prospectus after the Fund has been in operation for one full calendar year. Past performance is not necessarily an indication of how the Fund will perform in the future. www.simplify.us 1 (855) 772-8488 FUND SUMMARY – SIMPLIFY TREASURY OPTION INCOME ETF <p id="xdx_A8B_eoef--ObjectivePrimaryTextBlock_zsSoi6s8dfN" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Investment Objective: </b>The Simplify Treasury Option Income ETF (the “Fund” or “BUCK”) seeks to provide monthly income.</p> <p id="xdx_A8E_eoef--ExpenseNarrativeTextBlock_z283nJdE7eld" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Fees and Expenses of the Fund: </b>This table describes the fees and expenses that you may pay if you buy, sell, and hold shares of the Fund. <b>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.</b></p> <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zInqI2ua7w25"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5D_dU_zrkPGGIzj3ya" 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="background-color: #E0E0E0"> <td style="border: black 1pt solid; vertical-align: top; width: 65%"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses<br/> </b>(expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_49B_20261028__20261028__dei--LegalEntityAxis__custom--S000077869Member__oef--ClassAxis__custom--C000238457Member_zrKSm8KvQDhf" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zPXEP350jE81"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top"><span style="font-size: 10pt">Management Fees</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.35%</span></td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zToLYISKaL3h"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top"><span style="font-size: 10pt">Distribution and Service (12b-1) Fees </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zs8zMcnsbR0j"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top"><span style="font-size: 10pt">Other Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_409_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_z4BswVqndj1a"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top">Acquired Fund Fees and Expenses<sup id="xdx_F49_z2VbWRaP0CE4">(1)</sup></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">0.13%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zh3qS8TUUTMf"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top"><span style="font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.48%</span></td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zHvq4E1NgJ7g"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top">Fee Waiver<sup id="xdx_F4A_zOS7lcLpbNS1">(2)</sup></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">(0.10)%</td></tr> <tr id="xdx_404_eoef--NetExpensesOverAssets_dpn_zKI26HfAQS4l"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top">Total Annual Fund Operating Expenses After Fee Waiver</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">0.38%</td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;width: 80%; border-collapse: collapse; margin-right: auto; margin-left: auto"> <tr style="vertical-align: top"> <td style="width: 24px; font-size: 10pt; text-align: justify"><span id="xdx_F04_zsEbjVrhhlR1" style="font-size: 10pt">(1)</span></td> <td style="font-size: 10pt; text-align: justify"><span id="xdx_F10_zLMdKWaVANd" style="font-size: 10pt"> 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.</span></td></tr> <tr style="vertical-align: top"> <td id="xdx_F05_zpHvORGhaqoi" style="font-size: 10pt; text-align: justify">(2)</td> <td id="xdx_F15_z9OMIppeFXHg" style="font-size: 10pt; text-align: justify"> The Fund’s adviser has contractually agreed, through at least <span id="xdx_904_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20261028__20261028__dei--LegalEntityAxis__custom--S000077869Member_zmZfEcjkQOh8">October 31, 2027</span>, to waive its management fees to 0.25% of the Fund’s average daily net assets. This agreement may be terminated only by the Trust’s Board of Trustees on 60 days’ written notice to the Fund’s adviser.</td></tr> </table> 0.0035 0.0000 0.0000 0.0013 0.0048 -0.0010 0.0038 October 31, 2027 <p id="xdx_A8E_eoef--ExpenseExampleNarrativeTextBlock_zkwv02RzwQrl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b><i>Example: </i></b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt">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. The Example further assumes that the Fund’s fee waiver agreement will only be in place for the term specified above. <span id="xdx_901_eoef--ExpenseExampleByYearCaption_c20261028__20261028__dei--LegalEntityAxis__custom--S000077869Member_zUOX8Gdi2xg9">Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zn3z1XmCa75b"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zGkqZn0wPqW3" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom; background-color: gainsboro"> <td id="xdx_481_eoef--ExpenseExampleYear01_z5gwdHVKkKfe" style="border-bottom: black 1pt solid; width: 12%; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_48D_eoef--ExpenseExampleYear03_zXDQVNcUVvsj" style="border-bottom: black 1pt solid; width: 13%; text-align: center"><span style="font-size: 10pt"><b>3 Years</b></span></td> <td id="xdx_487_eoef--ExpenseExampleYear05_z91mJShsOnwg" style="border-bottom: black 1pt solid; width: 13%; text-align: center"><span style="font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_484_eoef--ExpenseExampleYear10_zwpSKn8jd6Cj" style="border-bottom: black 1pt solid; width: 12%; text-align: center"><span style="font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_413_20261028__20261028__dei--LegalEntityAxis__custom--S000077869Member__oef--ClassAxis__custom--C000238457Member_zvgmZkNGxRFb" style="vertical-align: top"> <td style="text-align: center"><span style="font-size: 10pt">$39</span></td> <td style="text-align: center"><span style="font-size: 10pt">$144</span></td> <td style="text-align: center"><span style="font-size: 10pt">$259</span></td> <td style="text-align: center"><span style="font-size: 10pt">$594</span></td></tr> </table> 39 144 259 594 <p id="xdx_A83_eoef--PortfolioTurnoverTextBlock_zseJ6ivdbKi2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Portfolio Turnover: </i></b>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 <span id="xdx_902_eoef--PortfolioTurnoverRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000077869Member_zTxdjrH35Khi">0%</span> of the aggregate value of the portfolio.</p> 0 <p id="xdx_A83_eoef--StrategyNarrativeTextBlock_z8L7kwjbTeLj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Principal Investment Strategies: </b><span class="xdx_phnt_RGlzY2xvc3VyZSAtIEludmVzdG1lbnQgU3RyYXRlZ3kA" id="xdx_900_efnd--NmRule35d1EightyPctInvstmntPlcyTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000077869Member_zwXiC6W4rW38">The Fund is an actively managed exchange-traded fund (“ETF”). The Fund has adopted a non-fundamental policy that, under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. Treasury securities and ETFs that invest at least 80% of their assets in U.S. Treasury securities.</span> The Adviser seeks to fulfill the Fund’s investment objective by using two income strategies: (1) an interest income strategy and (2) an income generating option strategy. The Fund’s investment strategy seeks to produce income that is reflective of current short term interest rates without large swings in the Fund’s net asset value per share. However, the Fund is not a money market fund and is not intended to have an unchanging net asset value per share.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i><span style="text-decoration: underline">Interest Income Strategy</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund invests primarily in interest income producing U.S. Treasury securities such as bills, notes, and bonds, and U.S. Treasury Inflation-Protected Securities (“TIPS”) and fixed income ETFs that invest primarily in U.S. Treasuries. TIPS are securities whose principal amount increases with inflation, as measured by the Consumer Price Index and are designed to protect investors from inflation risk. The Fund targets an average securities portfolio duration of one year or less but does not restrict individual security maturity. Duration is a measure of the price sensitivity of a debt instrument when interest rates change. For example, if a note has a duration of 1 year, a 1% rise in rates would result in a 1% decline in price. The Adviser selects securities to maximize portfolio yield within the current duration target and the Adviser sells securities primarily to adjust portfolio duration.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i><span style="text-decoration: underline">Income Generating Option Strategy</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">To generate additional income, the Fund employs an exchange-traded and over-the-counter (“OTC”) option spread writing strategy on equity, fixed income, volatility, commodity, and currency ETFs, exchange traded products (“ETPs”), and fixed income futures. The Adviser focuses on index-based domestically-traded ETFs, for example, such as those linked to the Bloomberg US Aggregate Bond Index. The Adviser selects fixed income ETFs holding securities of any maturity or credit quality. A call option gives the owner the right, but not the obligation, to buy an ETF 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 an ETF at a specified price (strike price) within a specific time period. By selling put and call options in return for the receipt of premiums (the purchase price of an option), the Adviser attempts to increase Fund income as the passage of time decreases the value of the written options. Gains from written option premiums are capital gains, but commonly referred to as income. The option writing strategy is a form of leveraged investing. The Adviser focuses on writing short-term options with less than one-month to maturity because their value erodes faster than long-term options.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Call Spread Sub-Strategy</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">When the Adviser believes an ETF’s price will decrease, remain unchanged, or only increase slightly it employs a call spread strategy. In a call option spread, the Fund sells (writes) an out of the money (above current market price) call option while also purchasing a further out of the money call option.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Put Spread Sub-Strategy</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">When the Adviser believes an ETF’s price will increase, remain unchanged, or only decrease slightly it employs a put spread strategy. In a put option spread, the Fund sells (writes) an out of the money (below current market price) put option while also purchasing a further out of the money put option.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The Adviser expects the written options to expire worthless, but purchases lower-cost further out of the money options to insulate the Fund from large losses if the written options increase in value. The Adviser expects options to be held to expiration, but may adjust positions following a large (over 10%) price swing in an option’s reference ETF.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">When writing options, the Fund is required to post collateral to assure its performance to the option buyer. The Fund will hold cash and cash-like instruments or high-quality short term fixed income securities (collectively, “Collateral”). The Collateral may consist of (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds (including affiliated money market ETFs); (3) fixed income ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by companies that are rated investment grade or of comparable quality. The Adviser considers an unrated security to be of comparable quality to a security rated investment grade if it believes it has a similar low risk of default.</p> The Fund is an actively managed exchange-traded fund (“ETF”). The Fund has adopted a non-fundamental policy that, under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. Treasury securities and ETFs that invest at least 80% of their assets in U.S. Treasury securities. <p id="xdx_A89_eoef--RiskTextBlock_zIpkzmyGfjQc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Principal Investment Risks:</b> <i><span id="xdx_900_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000077869Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zaxCFbk26co8">As with all funds, there is the risk that you could lose money through your investment in the Fund.</span> Many factors affect the Fund’s NAV and price of shares and performance.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The following describes the principal risks the Fund bears with respect to its investments. <span id="xdx_901_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000077869Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zpckIXclTXg8">As with any fund, there is no guarantee that the Fund will achieve its goal.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 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. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zUEsHSo2ucu4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Active Management Risk. </i>The Fund is subject to the risk that the investment management strategy may not produce the intended results and may negatively impact Fund performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zizK3GiQOwv" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Derivatives Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionRiskMember_zyVZIOVOwSLf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Option Risk.</i> As the buyer of a put or call option, the Fund risks losing the entire premium invested in the option if the Fund does not exercise the option. Spread writing exposes the Fund to losses up to the amount between strike prices of the purchased option and the written option.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuriesRiskMember_z98e3vUUlNol" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>U.S. Treasuries Risk. </i>U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TIPSRiskMember_zOq6mNlUTpz8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>TIPS Risk. </i>TIPS are debt instruments issued by the by the United States Department of the Treasury. The principal of TIPS increases with inflation and decreases with deflation, as measured by the Consumer Price Index. When TIPS mature, investors are paid the adjusted principal or original principal, whichever is greater. Interest payments on TIPS are unpredictable and will fluctuate as the principal and corresponding interest payments are adjusted for inflation. Inflation-indexed bonds generally pay a lower nominal interest rate than a comparable non-inflation-indexed bond. There can be no assurance that the CPI will accurately measure the real rate of inflation in the prices of goods and services. Any increases in the principal amount of TIPS will be considered taxable ordinary income, even though the Fund or applicable underlying ETF will not receive the principal until maturity. As a result, the Fund may make income distributions to shareholders that exceed the cash it receives. In addition, TIPS are subject to credit risk, interest rate risk, and maturity risk.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryMarketRiskMember_zzMf3qew1nFa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>U.S. Treasury Market Risk.</i> The U.S. Treasury market can be volatile, and the value of instruments correlated with these markets may fluctuate dramatically from day to day. U.S. Treasury obligations may provide relatively lower returns than those of other securities. Similar to other debt instruments, U.S. Treasury obligations are subject to debt instrument risk and interest rate risk. In addition, changes to the financial condition or credit rating of the U.S. Government may cause the value of U.S. Treasury obligations to decline.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashOrCashEquivalentsRiskMember_zSl5InQGwWM8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><i>Cash or Cash Equivalents Risk.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zWXosQJA5ij7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Counterparty Risk. </i>Counterparty risk is the risk that a counterparty to a financial instrument held by the Fund or by a special purpose or structured vehicle invested in by the Fund may become insolvent or otherwise fail to perform its obligations, and the Fund may obtain no or limited recovery of its investment, and any recovery may be significantly delayed.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zaFjJ3wnrSIi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Early Close/Trading Halt Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfStructureRisksMember_z9Lbs8xsvFL3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>ETF Structure Risks: </i>The Fund is structured as an ETF and may invest in underlying ETFs. As a result, the Fund is subject to special risks, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Not Individually Redeemable</i>. The Fund’s shares (“Shares”) are not redeemable by retail investors and may be redeemed only by 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Trading Issues</i>. 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Market Price Variance Risk</i>. 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 in 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">In times of market stress, market makers may step away from their role of market making in the Shares and in executing trades, which can lead to differences between the market value of the Shares and the Shares’ NAV.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">The market price of the Shares may deviate from NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Shares than NAV, which is reflected in the bid and ask price for the Shares or in the closing price.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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 NAV.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Authorized Participant Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zQ0BjotPWA95" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Fixed Income Securities Risk. </i>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). Below investment grade debt (commonly known as junk bonds) is subject to heighted credit risk. These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesRiskMember_zU6T02k58vTj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify;"><i>Futures Risk.</i> 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 leverage risk, risk of mispricing or improper valuation, and the risk that changes in the value of the futures contract may not correlate perfectly with the underlying index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zILyT15ckrs1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Leverage Risk.</i> The use of leverage by the Fund, such as through the use of options, will cause the Fund to incur additional expenses and magnify the Fund’s gains or losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zM9xBmO02RW" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Market and Geopolitical Risk. </i>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 and wars, 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--OverthecounterMarketRiskMember_zyUI2WfzRkQg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Over-the-Counter Market Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TurnoverRateRiskMember_zqv4QLO4S5p1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Turnover Rate Risk. </i>The Fund may have portfolio turnover rates significantly in excess of 100%. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund’s performance and may produce increased taxable distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundRiskMember_zp8ep3cm0Iki" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Underlying Fund Risk. </i>Other investment companies, i.e. ETFs (“Underlying Funds”) 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 Underlying Funds and may be higher than other mutual funds that invest directly.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--AffiliatedMoneyMarketETFConflictOfInterestRiskMember_zAm46aODpeDd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Affiliated Money Market ETF Conflict of Interest Risk.</i> 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.</p> <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_zYgvB6jrKgE3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Performance: </b><span id="xdx_90A_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20261028__20261028__dei--LegalEntityAxis__custom--S000077869Member_zUeXsojVXXQg">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 and two additional indices.</span> The Bloomberg 1-3 Month U.S. Treasury Bill Index represents short-duration Treasury bills and is included as a performance benchmark that reflects the cash-like baseline aligned with the Fund’s option-income profile. The ICE BofA 3 Month US Treasury Bill Index tracks short-term Treasury bills and is included as a performance benchmark providing a risk-free reference point for the Fund’s Treasury option income strategy. <span id="xdx_902_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000077869Member_zRiDmY73bydc">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information is available at no cost by visiting <span id="xdx_901_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000077869Member_zRwn4go6Hgdk"><span style="text-decoration: underline">www.simplify.us/etfs</span></span> or by calling <span id="xdx_904_eoef--PerformanceAvailabilityPhone_c20261028__20261028__dei--LegalEntityAxis__custom--S000077869Member_zRvZS7dmg8r2">1 (855) 772-8488</span>.</p> 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 and two additional indices. 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 <p id="xdx_A83_eoef--BarChartTableTextBlock_zbEiI2yyao46" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><img alt="" src="pro-buck_001.jpg" style="height: 270px; width: 450px"/> </p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zlcuY8f2LQx7" 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%">2023</td> <td id="xdx_98B_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000238457Member_z7pDI5JlznMk" style="display: none; text-align: center; width: 50%">4.52%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_980_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000238457Member_zIC8lJnz1FHf" style="display: none; text-align: center">7.22%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_982_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000238457Member_zfyISYYKVLRh" style="display: none; text-align: center">4.32%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"> </p> 0.0452 0.0722 0.0432 <p id="xdx_A8C_eoef--BarChartClosingTextBlock_zFeAl8QNUP6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify; text-indent: 0.5in">During the periods shown in the bar chart above, the Fund’s <span id="xdx_908_eoef--HighestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000077869Member_zzY3vhra9Wa2">highest quarterly return</span> was <span id="xdx_909_eoef--BarChartHighestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000077869Member_zaUKzLjdVtuk">3.31%</span> (quarter ended <span id="xdx_90E_eoef--BarChartHighestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000077869Member_zZLB4oFIhGx4">March 31, 2024</span>) and the Fund’s <span id="xdx_902_eoef--LowestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000077869Member_zxpN8hnYHIOb">lowest quarterly return</span> was <span id="xdx_90A_eoef--BarChartLowestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000077869Member_z8yx9bxCtfsi">-2.11%</span> (quarter ended <span id="xdx_907_eoef--BarChartLowestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000077869Member_zH01yNV14H2c">June 30, 2025</span>). The calendar <span id="xdx_90E_eoef--YearToDateReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000077869Member_zf4wqlZ4SFAf">year-to-date total return</span> of the Fund as of <span id="xdx_902_eoef--BarChartYearToDateReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000077869Member_zvbBmn3jgzG8">September 30, 2026</span> was <span id="xdx_90B_eoef--BarChartYearToDateReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000077869Member_zHxzuCbeVh64">2.37%</span>.</p> highest quarterly return 0.0331 2024-03-31 lowest quarterly return -0.0211 2025-06-30 year-to-date total return 2026-09-30 0.0237 Average Annual Total Returns for the Periods Ended December 31, 2025 <div id="xdx_A8F_eoef--PerformanceTableTextBlock_ziYKYxqhevnc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zgsRkLEf0sPl" 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="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: bottom"> </td> <td> </td> <td colspan="2" id="xdx_49B_20250101__20251231_zRuD8ihja1c3" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td> </td> <td> </td> <td colspan="2" id="xdx_49F_20221027__20251231_zXmAkttRhEg" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Since <br/> Inception <br/> (<span id="xdx_90A_eoef--PerfInceptionDate_c20261028__20261028__oef--ClassAxis__custom--C000238457Member_zmbDjXRmoChi">10/27/22</span>)</b></span></td> <td> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000238457Member_zHJADgzDHup1" style="vertical-align: bottom; background-color: Gainsboro"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; width: 76%; vertical-align: top"><span style="font-size: 10pt">Return Before Taxes</span></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"><span style="font-size: 10pt">4.32</span></td> <td style="width: 1%"><span style="font-size: 10pt">%</span></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"><span style="font-size: 10pt">5.29</span></td> <td style="width: 1%"><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000238457Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zotc6EVeyfh6" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-size: 10pt">Return After Taxes on Distributions</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">1.17</span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">2.43</span></td> <td><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000238457Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zX2VRrxiTpw" style="vertical-align: bottom; background-color: Gainsboro"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-size: 10pt">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">2.51</span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">2.83</span></td> <td><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000238457Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_z3lo4JTPTHx2" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-size: 10pt">Bloomberg U.S. Aggregate Bond Index (<span id="xdx_90E_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261028__20261028__dei--LegalEntityAxis__custom--S000077869Member_zhl9WnZY8UMi">reflects no deduction for fees, expenses or taxes</span>)</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">7.30</span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">5.22</span></td> <td><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000238457Member__oef--PerformanceMeasureAxis__custom--Bloomberg13MonthUSTreasuryBillIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zvMPO25UCZG6" style="vertical-align: bottom; background-color: Gainsboro"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top">Bloomberg 1-3 Month U.S. Treasury Bill 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">4.20</td> <td>%</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">4.86</td> <td>%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000238457Member__oef--PerformanceMeasureAxis__custom--ICEBofA3MonthUSTreasuryBillIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_z2RrTCBowICj" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top">ICE BofA 3 Month US Treasury Bill Index (reflects no deduction for fees, expenses or taxes)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">4.18</td> <td style="padding-bottom: 1pt">%</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">4.77</td> <td style="padding-bottom: 1pt">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 2022-10-27 0.0432 0.0529 0.0117 0.0243 0.0251 0.0283 reflects no deduction for fees, expenses or taxes 0.0730 0.0522 0.0420 0.0486 0.0418 0.0477 <p id="xdx_A8F_eoef--PerformanceTableClosingTextBlock_zZ9CKJoq5Z08" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span id="xdx_906_eoef--PerformanceTableUsesHighestFederalRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000077869Member_zCs6SWcr2yA9">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.</span> <span id="xdx_90A_eoef--PerformanceTableNotRelevantToTaxDeferred_c20261028__20261028__dei--LegalEntityAxis__custom--S000077869Member_zxJKovpe7if7">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.</span></p> 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. FUND SUMMARY – SIMPLIFY US EQUITY PLUS BITCOIN STRATEGY ETF <p id="xdx_A81_eoef--ObjectivePrimaryTextBlock_zufk6j6169S7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Investment Objective: </b>The Simplify US Equity PLUS Bitcoin Strategy ETF (the “Fund” or “SPBC”) seeks long-term capital appreciation.</p> <p id="xdx_A84_eoef--ExpenseNarrativeTextBlock_zNNUoRNb65ii" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fees and Expenses of the Fund: </b>This table describes the fees and expenses that you may pay if you buy, sell, and hold shares of the Fund. <b>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.</b></p> <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_zlxH2N9Agbd5"></div> <table cellpadding="3" cellspacing="0" id="xdx_A59_dU_zWhx1JwAfJOf" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="background-color: gainsboro"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top; width: 65%"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses<br/> </b>(expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_497_20261028__20261028__dei--LegalEntityAxis__custom--S000071926Member__oef--ClassAxis__custom--C000227543Member_z1V28LoGNm44" style="border: black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zAlLHKj3LxF2"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top"><span style="font-size: 10pt">Management Fees</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.50%</span></td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zFdH9WhIBNA2"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top"><span style="font-size: 10pt">Distribution and Service (12b-1) Fees </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zFoSBrek4hF4"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top"><span style="font-size: 10pt">Other Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_40A_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zNaEaNfMnMAg"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top"><span style="font-size: 10pt">Acquired Fund Fees and Expenses<sup id="xdx_F40_ztyCLBTrHDxd">(1)</sup></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.03%</span></td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zC0ShZzXhOlg"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top"><span style="font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.53%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: top"> <td style="font-size: 10pt; text-align: justify; width: 0.25in"><span id="xdx_F0B_zJOtzgzj5lE2" style="font-size: 10pt">(1)</span></td> <td style="font-size: 10pt; text-align: justify"><span id="xdx_F13_zQVPCnokkaei" style="font-size: 10pt"><span id="xdx_909_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20261028__20261028__dei--LegalEntityAxis__custom--S000071926Member_zwTSpMWVGlZ4"> 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.</span></span></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. <p id="xdx_A8D_eoef--ExpenseExampleNarrativeTextBlock_zDupXyRbvMM8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Example: </i></b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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. <span id="xdx_909_eoef--ExpenseExampleByYearCaption_c20261028__20261028__dei--LegalEntityAxis__custom--S000071926Member_zNKYLwz2Azkh">Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zm5Q1GKB2Gz3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zYNpyFVd8Eug" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom; background-color: gainsboro"> <td id="xdx_482_eoef--ExpenseExampleYear01_z307rqbwQVld" style="border-bottom: black 1pt solid; width: 12%; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_480_eoef--ExpenseExampleYear03_zkqNiadkqbY3" style="border-bottom: black 1pt solid; width: 13%; text-align: center"><span style="font-size: 10pt"><b>3 Years</b></span></td> <td id="xdx_484_eoef--ExpenseExampleYear05_z9bRyA6hRRx" style="border-bottom: black 1pt solid; width: 13%; text-align: center"><span style="font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_48B_eoef--ExpenseExampleYear10_zXUoOmklfH6g" style="border-bottom: black 1pt solid; width: 12%; text-align: center"><span style="font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_416_20261028__20261028__dei--LegalEntityAxis__custom--S000071926Member__oef--ClassAxis__custom--C000227543Member_zb4M6uJsASjh" style="vertical-align: top"> <td style="text-align: center"><span style="font-size: 10pt">$54</span></td> <td style="text-align: center"><span style="font-size: 10pt">$170</span></td> <td style="text-align: center"><span style="font-size: 10pt">$296</span></td> <td style="text-align: center"><span style="font-size: 10pt">$665</span></td></tr> </table> 54 170 296 665 <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_zplSYtqzUeKh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b><i>Portfolio Turnover: </i></b>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 <span id="xdx_909_eoef--PortfolioTurnoverRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000071926Member_zTj6Ir5VKBPi">15%</span> of the average value of its portfolio.</p> 0.15 <p id="xdx_A8D_eoef--StrategyNarrativeTextBlock_zNEV0KTOaZP8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Principal Investment Strategies: </b><span class="xdx_phnt_RGlzY2xvc3VyZSAtIEludmVzdG1lbnQgU3RyYXRlZ3kA" id="xdx_908_efnd--NmRule35d1EightyPctInvstmntPlcyTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000071926Member_zQ5Sygnd62sh">The Fund has adopted a non-fundamental policy that, under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of U.S. companies, exchange-traded products with direct exposure to Bitcoin (“Bitcoin ETPs”), and exchange-traded funds with indirect exposure to Bitcoin primarily through Bitcoin futures, options, swaps, or other derivative instruments (“Bitcoin ETFs”).</span> The Adviser may invest in affiliated money market ETFs to manage liquidity or to pledge as collateral for derivatives.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>US Equity Strategy</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund invests in equity securities of U.S. companies through (i) exchange-traded futures contracts, (ii) equity securities of U.S. companies, and (iii) ETFs that primarily invest in the equity securities of U.S. companies. The Fund defines equity securities as common stock, preferred stock, or futures on common or preferred stock. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Adviser believes that, based upon its historical research, a base allocation to equities will make a significant contribution to long-term capital appreciation, while providing dividend income to help offset Fund operating expenses. The Adviser evaluates expected return, expenses, management, and leveraging effects when initially choosing between specific stocks, ETFs, and futures and evaluates allocations among these instruments on an ongoing basis to determine whether any adjustments to the allocations would provide better expected returns. The Adviser does not frequently trade US equities but seeks to maintain consistent exposure to the US equity market.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="text-decoration: underline"><i>Bitcoin Strategy</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Fund targets a 10% of total assets allocation to Bitcoin ETPs and Bitcoin ETFs. The Fund generally rebalances this allocation quarterly, but will rebalance more frequently to ensure the allocation does not exceed 25% of its total assets. Bitcoin ETPs are investment vehicles that track the price of Bitcoin by directly holding actual Bitcoin (called “spot”) as their underlying asset while Bitcoin ETFs primarily invest in derivatives linked to Bitcoin to gain exposure to Bitcoin. The Bitcoin ETPs and Bitcoin ETFs trade on a U.S.-regulated securities exchange. Unlike Bitcoin ETFs, Bitcoin ETPs are not registered as investment companies under the Investment Company Act of 1940, as amended (the “1940 Act”). The Adviser selects specific Bitcoin ETPs and Bitcoin ETFs (including affiliated Bitcoin ETFs) that it believes offer sufficient liquidity and relatively low expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Description of Bitcoin and Bitcoin Blockchain</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Bitcoin is a digital asset that operates on a decentralized network using blockchain technology to facilitate secure and anonymous transactions. Bitcoin represents a digital asset that functions as a medium of exchange (although it is not widely used in this manner at present) utilizing cryptographic protocols to secure transactional processes, control the creation of additional units, and verify the transfer of assets. Its operation on a decentralized blockchain network ensures both transparency and immutability of records, without the need for a central authority. This innovative technology underpinning Bitcoin allows for peer-to-peer transactions and provides a framework for digital scarcity.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Bitcoin blockchain constitutes a decentralized, digital ledger technology that chronologically and publicly records all Bitcoin transactions. This technology is characterized by its use of blocks, which are structurally linked in a chain through cryptographic hashes. Each block contains a list of transactions that, once verified and added to the blockchain through a consensus process known as proof of work, become extremely difficult to reverse and tamper with. The integrity, transparency, and security of the transactional data are maintained autonomously within the Bitcoin network, eliminating the necessity for central oversight and facilitating trust in a peer-to-peer system.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>The Fund will not invest directly in Bitcoin, Bitcoin futures, or other crypto assets. The Fund is not expected to track the price movements of crypto assets.</b></p> The Fund has adopted a non-fundamental policy that, under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of U.S. companies, exchange-traded products with direct exposure to Bitcoin (“Bitcoin ETPs”), and exchange-traded funds with indirect exposure to Bitcoin primarily through Bitcoin futures, options, swaps, or other derivative instruments (“Bitcoin ETFs”). <p id="xdx_A88_eoef--RiskTextBlock_zWplH9UR26be" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Principal Investment Risks: </b><i><span id="xdx_904_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000071926Member__oef--RiskAxis__oef--RiskLoseMoneyMember_z77nAVoPEc6d">As with all funds, there is the risk that you could lose money through your investment in the Fund.</span> Many factors affect the Fund’s NAV and price of shares and performance.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following describes the principal risks the Fund bears with respect to its investments. <span id="xdx_907_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000071926Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zvkk8nHVKU66">As with any fund, there is no guarantee that the Fund will achieve its goal.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> 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. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--BitcoinRiskMember_zak4Qj9LSMF4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Bitcoin Risk. </i>The value of the Fund’s investment in Bitcoin ETPs and Bitcoin ETFs are subject to fluctuations in the value of Bitcoin. Bitcoin is a relatively new innovation and the market for Bitcoin is subject to rapid price swings, changes and uncertainty. The further development of the Bitcoin network and the acceptance and use of Bitcoin are subject to a variety of factors that are difficult to evaluate. The value of Bitcoin has been, and may continue to be, substantially dependent on speculation, such that trading and investing in these assets generally may not be based on fundamental analysis. The slowing, stopping or reversing of the development of the Bitcoin network or the acceptance of Bitcoin may adversely affect the price of Bitcoin. Bitcoin is subject to the risk of fraud, theft, manipulation or security failures, operational or other problems that impact the digital asset trading venues on which Bitcoin trades. The Bitcoin blockchain may contain flaws that can be exploited by hackers. A significant portion of Bitcoin is held by a small number of holders sometimes referred to as “whales.” Transactions of these holders may influence the price of Bitcoin.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Unlike the exchanges for more traditional assets, such as equity securities and futures contracts, Bitcoin and the digital asset trading venues on which it trades are largely unregulated and highly fragmented and digital asset trading venues may be operating out of compliance with regulations. As a result of the lack of regulation, individuals or groups may engage in fraud or market manipulation (including using social media to promote Bitcoin in a way that artificially increases the price of Bitcoin). Investors may be more exposed to the risk of theft, fraud and market manipulation than when investing in more traditional asset classes. Over the past several years, a number of digital asset trading venues have been closed due to fraud, failure or security breaches. Investors in Bitcoin may have little or no recourse should such theft, fraud or manipulation occur and could suffer significant losses. Legal or regulatory changes may negatively impact the operation of the Bitcoin network or restrict the use of Bitcoin. The Bitcoin ETPs and Bitcoin ETFs may also be negatively impacted by regulatory enforcement actions against the digital asset trading venues upon which Bitcoin trades. Such actions could significantly reduce the number of venues upon which Bitcoin trades and could negatively impact the Bitcoin held by the Bitcoin ETPs and the Bitcoin futures contracts held by the Bitcoin ETFs that reference the price of Bitcoin. In addition, digital asset trading venues, Bitcoin miners, and other participants may have significant exposure to other digital assets. Instability in the price, availability or legal or regulatory status of those instruments may adversely impact the operation of the digital asset trading venues and the Bitcoin network. The realization of any of these risks could result in a decline in the acceptance of Bitcoin and consequently a reduction in the value of Bitcoin, Bitcoin futures contracts, and shares of the Bitcoin ETPs and Bitcoin ETFs. Such occurrences could also impair the Bitcoin ETPs’ and Bitcoin ETFs’ ability to meet their investment objective pursuant to their respective investment strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Bitcoin network is maintained and secured by a group of validators who “mine” Bitcoin, which involves contributing computer power to the network to validate transactions, maintain security and finalize settlement. The Bitcoin blockchain relies on a consensus mechanism whereby miners agree on the accurate state of the database. If a malicious actor (or group of actors) were to gain control of more than 50% the mining (or “hash”) power in the network, even temporarily, they would have the ability to block new transactions from being confirmed and could, over time, reverse or reorder prior transactions. Although it may be challenging for a malicious actor (or group of actors) to gain control of 50% of the mining (or “hash”) power in the Bitcoin blockchain, such an attack would significantly impact the value of Bitcoin, and thereby of the Bitcoin held by the Bitcoin ETPs and the Bitcoin futures contracts held by the Bitcoin ETF.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">A blockchain is a public database that is updated, shared and maintained across many computers in a network. The software that powers a blockchain is known as its protocol. Like all software, these protocols may update or change from time-to-time. In the case of the Bitcoin protocol, updates are made based on proposals submitted by developers, but only if a majority of the users and miners adopt the new proposals and update their individual copies of the protocol. Certain upgrade proposals to a blockchain may not be accepted by all the participants in an ecosystem. If one significant group adopts a proposed upgrade and another does not – or if groups adopt different upgrades – this can result in a “fork” of the blockchain, wherein two distinct sets of users and validators or users and miners run two different versions of a protocol. If the versions are sufficiently different such that the two versions of the protocol cannot simultaneously maintain and update a shared record of the blockchain database, it is called a “hard fork.” A hard fork can result in the creation of two competing blockchains, each with its own native crypto assets. For instance, on August 1, 2017, two factions in the Bitcoin community could not agree on whether or not to adopt an upgrade to the Bitcoin protocol related to how to scale throughput on the blockchain. The disagreement created a fork, with the smaller group taking the name “Bitcoin Cash” and running its own blockchain and related native crypto asset. The larger group retained the name Bitcoin for its blockchain and held Bitcoin as the native crypto asset. Additional forks of the Bitcoin blockchain are possible. A large-scale fork could introduce risk, uncertainty, or confusion into the Bitcoin blockchain, or could fraction the value of the main blockchain and its native crypto asset, which could significantly impact the value of Bitcoin held by the Bitcoin ETPs and Bitcoin futures contracts held by the Bitcoin ETFs. Additionally, a hack of the Bitcoin blockchain or one or more projects that interact with or that are built on top of the Bitcoin blockchain could negatively impact the price of Bitcoin, whether it leads to another hard fork or not, and thereby the value of the Bitcoin held by the Bitcoin ETPs, and the Bitcoin futures contracts held by the Bitcoin ETFs.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Bitcoin blockchain and its native crypto asset, Bitcoin, face numerous challenges to gaining widespread adoption as an alternative payments system, including the slowness of transaction processing and finality, variability in transaction fees and volatility in Bitcoin’s price. It is not clear that the Bitcoin blockchain or Bitcoin can overcome these and other impediments, which could harm the long-term adoption of the Bitcoin blockchain and Bitcoin as an alternative payment system, and thereby negatively impact the price of Bitcoin. In addition, alternative public blockchains have been developed and may in the future develop that compete with the Bitcoin blockchain and may have significant advantages as alternative payment systems, including higher throughput, lower fees, faster settlement and finalization, and the ability to facilitate untraceable and/or privacy-shielded transactions through the use of zero-knowledge cryptography or other means. It is possible that these alternative public blockchains and their native crypto assets may be more successful than the Bitcoin blockchain and Bitcoin in gaining adoption as an alternative payments system, which could limit the long-term adoption of the Bitcoin blockchain and Bitcoin, thereby negatively impact the price of Bitcoin. Such alternative public blockchains, such as the Ethereum network, allow users to write and implement smart contracts—that is, general-purpose code that executes on every computer in the network and can instruct the transmission of information and value based on a sophisticated set of logical conditions. Using smart contracts, users can create markets, store registries of debts or promises, represent the ownership of property, move funds in accordance with conditional instructions and create other digital assets. Furthermore, traditional payment systems may improve their own technical capabilities and offer faster settlement times, faster finalization and lower fees. This could make it more difficult for the Bitcoin blockchain and Bitcoin to gain traction as an alternative payments system, which could limit the long-term adoption of the Bitcoin blockchain and Bitcoin, and thereby negatively impact the price of Bitcoin. Finally, one means by which the ecosystem surrounding the Bitcoin blockchain has attempted to mitigate concerns about the slowness of transaction processing and finality and the variability of transaction fees has been through the development of so-called Layer 2 networks, including the “Lightning Network.” Layer 2 networks are separate blockchains built on top of “Layer 1” blockchains like the Bitcoin blockchain for the purpose of augmenting the throughput of the Layer 1 blockchain, and often, providing lower fees for transaction processing and faster settlement. Layer 2 blockchains introduce certain risks into the Bitcoin ecosystem that should be considered. For instance, Layer 2 blockchains are a relatively new and still developing technology. Technological issues – including hacks, bugs, or failures – could introduce risk or harm confidence in the Bitcoin ecosystem, which could negatively impact the price of Bitcoin. In addition, users may choose to settle an increasing share of transactions on Layer 2 blockchains, which could negatively impact the transaction activity on, and the amount of fee revenue generated by, the Bitcoin blockchain itself, which could negatively impact the price of Bitcoin. If these or other developments negatively impact the price of Bitcoin, this would negatively impact the value of the Bitcoin ETPs and Bitcoin ETFs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The realization of any of these risks could result in a decline in the acceptance of Bitcoin and consequently a reduction in the value of Bitcoin, Bitcoin ETPs, Bitcoin ETFs, and the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><i>Bitcoin Tax Risk.</i> The Fund’s investments in Bitcoin ETPs or similar investment vehicles are grantor trusts for U.S. federal income tax purposes, and therefore an investment by the Fund directly in such an investment will generally be treated as a direct investment in Bitcoin for such purposes. In order to qualify for the special tax treatment accorded a regulated investment company (“RIC”) and its shareholders, Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) requires, among other things, that at least 90% of the Fund’s income be “qualifying income.” Although the income from Bitcoin ETPs in which the Fund invests is not treated as qualifying income, the Fund avoids the recognition of any income from Bitcoin ETPs by handling any Bitcoin ETP transactions with Authorized Participants (“AP”) through in-kind creations and redemptions. For example, if the Fund wants to reduce its exposure to Bitcoin ETPs, it may deliver a basket of the Bitcoin ETPs to the AP in exchange for shares of the Fund. The Bitcoin ETPs are not sold by the Fund and therefore, no income is generated for the Fund. To the extent the IRS disagrees with the Fund’s view regarding the use of the in-kind creation and redemptions to avoid recognition of non-qualifying income from Bitcoin ETPs, then the Fund may fail to qualify as a RIC under the Code. If, in any year, the Fund fails to qualify as a RIC and was ineligible to or was not able to cure such failure, the Fund would be taxed in the same manner as an ordinary corporation and subject to U.S. federal income tax on all its income at the fund level. The resulting taxes could substantially reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order to requalify for taxation as a RIC, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make certain distributions. See “Authorized Participant Risk” below for additional risks regarding APs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zLDLZ2MH807g" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Active Management Risk. </i>The Fund is subject to the risk that the investment management strategy may not produce the intended results and may negatively impact Fund performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--AffiliatedETFConflictOfInterestRiskMember_zRvUqlivCGSg" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Affiliated ETF Conflict of Interest Risk. </i>Because the Fund may invest in an affiliated Bitcoin ETF, the Adviser is subject to conflicts of interest in allocating the Fund’s assets to the affiliated Bitcoin ETF. The Adviser will receive more revenue to the extent it selects an affiliated Bitcoin ETF rather than an unaffiliated ETF for inclusion in the Fund’s portfolio.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--BitcoinETFRisksMember_zO2v6K6zt6Ld" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Bitcoin ETF Risks. </i>The Bitcoin ETFs do not invest directly in Bitcoin. Instead, the Bitcoin ETFs obtain indirect exposure to Bitcoin by investing in Bitcoin futures, swaps, and/or options. The market for derivatives linked to Bitcoin may be less developed, and potentially less liquid and more volatile, than more established markets. While these markets have grown substantially since Bitcoin derivatives commenced trading, there can be no assurance that this growth will continue. The price for Bitcoin futures, swaps, and options is based on a number of factors, including the supply of and the demand for these derivatives. Market conditions and expectations, position limits, accountability levels, collateral requirements, availability of counterparties, and other factors each can impact the supply of and demand for these derivatives. Additionally, due to the high margin requirements that are unique to Bitcoin futures contracts, the Bitcoin ETFs may experience difficulty maintaining the desired level of exposure to Bitcoin solely through futures contracts. If a Bitcoin ETF is unable to achieve such exposure it may not be able to meet its investment objective and the Bitcoin ETF’s returns may be different or lower than expected. Additionally, collateral requirements may require the Bitcoin ETFs to liquidate their positions, potentially incurring losses and expenses, when it otherwise would not do so. Investing in derivatives like Bitcoin futures may be considered aggressive and may expose the Bitcoin ETFs to significant risks. These risks include counterparty risk and liquidity risk.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zXKIRxm7Wvdj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Derivatives Risk.</i> 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 fulfil 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_ze8JH4OLLoP8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Early Close/Trading Halt Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zUTgPNLrTot6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Equity Securities Risk.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfStructureRisksMember_zBe4zRnjIuvl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>ETF Structure Risks. </i>The Fund is structured as an ETF and will invest in underlying ETFs or ETPs. As a result, the Fund is subject to special risks, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: justify"> </td> <td style="vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="vertical-align: top; text-align: justify"><i>Not Individually Redeemable</i>. The Fund’s shares (“Shares”) are not redeemable by retail investors and may be redeemed only by authorized participant (“Authorized Participant”) at net asset value (“NAV”) and only in Creation Units. A retail investor generally incurs brokerage costs when selling shares.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: justify"> </td> <td style="vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="vertical-align: top; text-align: justify"><i>Trading Issues</i>. Trading in Shares on the Nasdaq Stock Market LLC (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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: justify"> </td> <td style="vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="vertical-align: top; text-align: justify"><i>Market Price Variance Risk</i>. 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.75in; text-align: justify"> </td> <td style="vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="vertical-align: top; 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.75in; text-align: justify"> </td> <td style="vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="vertical-align: top; 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.75in; text-align: justify"> </td> <td style="vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="vertical-align: top; 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 hares and the Fund’s NAV.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: justify"> </td> <td style="vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="vertical-align: top; text-align: justify"><i>Authorized Participant Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_ztnxnM5JymX"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedProductETPRiskMember_zmJYiP873k4k" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Exchange Traded Product (ETP) Risk.</i> The Fund invests in Bitcoin ETPs. Through its positions in Bitcoin ETPs, the Fund generally will be subject to the risks associated with such vehicle’s investments, including the possibility that the value of the securities or instruments held by or linked to a Bitcoin ETP could decrease. The Bitcoin ETPs in which the Fund invests are not registered, nor are they required to be registered, as investment companies subject to the 1940 Act and, therefore, are not subject to the regulatory scheme of the 1940 Act. When the Fund invests in a Bitcoin ETP, in addition to directly bearing the expenses associated with its own operations, it also will bear a pro rata portion of the Bitcoin ETP’s expenses (including operating costs and management fees).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesContractRiskMember_z66Fc3Upqcu8" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><i>Futures Contract Risk. </i>The successful use of futures contracts draws upon the Adviser’s skill and experience with respect to such instruments and are subject to special risk considerations. The primary risks associated with the use of futures contracts are (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures contract; (b) possible lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) investments in futures contracts involves leverage, which means a small percentage of assets in futures can have a disproportionately large impact on the Fund and the Fund can lose more than the principal amount invested; (d) losses caused by unanticipated market movements, which are potentially unlimited; the Adviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (f) the possibility that the counterparty will default in the performance of its obligations; and (g) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationRiskMember_zpEMLeJqJEed" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Large Capitalization Risk.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zGPmdQpgcTHg" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><i>Market and Geopolitical Risk. </i>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 portfolios 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 and wars, 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMediumCapitalizationRiskMember_zEgyKCJSKFS9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Small and Medium Capitalization Risk. </i>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.</p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundRiskMember_zyAoYEOHVEe3" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><i>Underlying Fund Risk. </i>ETFs and ETPs 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 ETPs and may be higher than other funds that invest directly in stocks and bonds. Each of the ETFs and ETPs is subject to its own specific risks, but the Adviser expects the principal investments risks of such funds will be similar to the risks of investing in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--AffiliatedMoneyMarketETFConflictOfInterestRiskMember_zE0HJx2utfU5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Affiliated Money Market ETF Conflict of Interest Risk.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zg43ZPfLBdqa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Valuation Risk.</i> The sales price the Fund could receive for any particular portfolio investment may differ from the Fund’s valuation of the investment, particularly for securities or other investments, such as Bitcoin, that trade in thin or volatile markets or that are valued using a fair value methodology. Valuation may be more difficult in times of market turmoil since many investors and market makers may be reluctant to purchase complex instruments or quote prices for them. The Fund’s ability to value its investments may be impacted by technological issues and/or errors by pricing services or other third party service providers. Shares of the Bitcoin ETPs and Bitcoin ETFs are intended to reflect the price of Bitcoin, less fees and expenses. The price of a Bitcoin ETP or Bitcoin ETF may go down even if the price of the underlying asset, Bitcoin, remains unchanged. Additionally, shares that trade at a premium mean that an investor who purchases $1 of a portfolio will actually own less than $1 in assets.</p> <p id="xdx_A80_eoef--PerformanceNarrativeTextBlock_ziSz3H15Y2q" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Performance: </b><span id="xdx_90F_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20261028__20261028__dei--LegalEntityAxis__custom--S000071926Member_zKer63usdzd2">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.</span> <span id="xdx_906_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000071926Member_z35z8mCQWya9">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information is available at no cost by visiting <span id="xdx_90B_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000071926Member_zfJWH62SvTcf"><span style="text-decoration: underline">www.simplify.us/etfs</span></span> or by calling <span id="xdx_905_eoef--PerformanceAvailabilityPhone_c20261028__20261028__dei--LegalEntityAxis__custom--S000071926Member_zRMjnYtZbJXi">1 (855) 772-8488</span>.</p> 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 <p id="xdx_A82_eoef--BarChartTableTextBlock_zhyDpIh7ezMd" style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><img alt="" src="pro-spbc_001.jpg" style="height: 270px; width: 450px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zwP4rGxRue89" 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%">2022</td> <td id="xdx_981_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000227543Member_zAlDBAeoTBPb" style="display: none; text-align: center; width: 50%">-27.94%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_986_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000227543Member_zOMJzlj9gTAf" style="display: none; text-align: center">48.66%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_985_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000227543Member_zH4beKwUs5Ze" style="display: none; text-align: center">37.07%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_983_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000227543Member_zcJeoAnNG3Oc" style="display: none; text-align: center">16.47%</td></tr> </table> -0.2794 0.4866 0.3707 0.1647 <p id="xdx_A88_eoef--BarChartClosingTextBlock_z1NC0opuleV7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify; text-indent: 0.5in">During the periods shown in the bar chart above, the Fund’s <span id="xdx_90E_eoef--HighestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000071926Member_zLpPnkZ1N8x2">highest quarterly return</span> was <span id="xdx_901_eoef--BarChartHighestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000071926Member_zu1pzuqh2b63">19.38%</span> (quarter ended <span id="xdx_90D_eoef--BarChartHighestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000071926Member_zSbUvFv7J5a1">December 31, 2023</span>) and the Fund’s <span id="xdx_901_eoef--LowestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000071926Member_z3hgr9FiaSU2">lowest quarterly return</span> was <span id="xdx_905_eoef--BarChartLowestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000071926Member_zwVck9Rrl4Jg">-22.63%</span> (quarter ended <span id="xdx_904_eoef--BarChartLowestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000071926Member_zhZyorThHKib">June 30, 2022</span>). The calendar <span id="xdx_908_eoef--YearToDateReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000071926Member_zlwURqwDdCK">year-to-date total return</span> of the Fund as of <span id="xdx_903_eoef--BarChartYearToDateReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000071926Member_z4ZY4e7mGoG3">September 30, 2026</span> was <span id="xdx_90C_eoef--BarChartYearToDateReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000071926Member_zSWhSCk8OISh">12.68%</span>.</p> highest quarterly return 0.1938 2023-12-31 lowest quarterly return -0.2263 2022-06-30 year-to-date total return 2026-09-30 0.1268 Average Annual Total Returns for the Periods Ended December 31, 2025 <div id="xdx_A8F_eoef--PerformanceTableTextBlock_zVQaHTq1GIr"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_z31ghOZFCNb" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td colspan="2" id="xdx_495_20250101__20251231_znmFqnV7gM56" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td colspan="2" id="xdx_498_20210524__20251231_zY9UqxQjXGZb" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>Since <br/> Inception<br/> (<span id="xdx_908_eoef--PerfInceptionDate_c20261028__20261028__oef--ClassAxis__custom--C000227543Member_zZHiw4EgkjJ9">5/24/21</span>)</b></span></td> <td style="vertical-align: bottom"> </td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000227543Member_zm84jgW2RWwb" style="background-color: gainsboro"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top; width: 76%"><span style="font-size: 10pt">Return Before Taxes</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 1%"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 9%; text-align: right"><span style="font-size: 10pt">16.47</span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt">%</span></td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 1%"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 9%; text-align: right"><span style="font-size: 10pt">15.70</span></td> <td style="vertical-align: bottom; width: 1%"><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000227543Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zqwg5vZMbOh6" style="background-color: white"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-size: 10pt">Return After Taxes on Distributions</span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">16.04</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">14.85</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000227543Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z36lLhlpvHkl" style="background-color: gainsboro"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-size: 10pt">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">9.73</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">12.13</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000227543Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zn9ZoafL40a2" style="background-color: white"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-size: 10pt">S&amp;P 500 Index (<span id="xdx_901_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261028__20261028__dei--LegalEntityAxis__custom--S000071926Member_zeXWr3dyJTtj">reflects no deduction for fees, expenses or taxes</span>)</span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">17.88</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">%</span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">12.85</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 2021-05-24 0.1647 0.1570 0.1604 0.1485 0.0973 0.1213 reflects no deduction for fees, expenses or taxes 0.1788 0.1285 <p id="xdx_A82_eoef--PerformanceTableClosingTextBlock_zFua17cIghCk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span id="xdx_906_eoef--PerformanceTableUsesHighestFederalRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000071926Member_zOSOtWQA0o8h">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.</span> <span id="xdx_90C_eoef--PerformanceTableNotRelevantToTaxDeferred_c20261028__20261028__dei--LegalEntityAxis__custom--S000071926Member_zzs7RDgM1kng">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.</span></p> 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. FUND SUMMARY – SIMPLIFY US EQUITY PLUS CONVEXITY ETF <p id="xdx_A80_eoef--ObjectivePrimaryTextBlock_zwXsccRPoaGi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Investment Objective: </b>The Simplify US Equity PLUS Convexity ETF (the “Fund” or “SPYC”) seeks long-term capital appreciation.</p> <p id="xdx_A84_eoef--ExpenseNarrativeTextBlock_zzGqD4Px6iza" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Fees and Expenses of the Fund: </b>This table describes the fees and expenses that you may pay if you buy, sell, and hold shares of the Fund. <b>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.</b></p> <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zamfyFErA8e8"></div> <table cellpadding="3" cellspacing="0" id="xdx_A58_dU_zlXRdmnfg3i2" 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="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 65%; vertical-align: top"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses<br/> </b>(expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_495_20261028__20261028__dei--LegalEntityAxis__custom--S000069152Member__oef--ClassAxis__custom--C000220986Member_zE1ddxgsvd67" style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 15%; vertical-align: bottom"><span style="font-size: 10pt"> </span></td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zNGQ6ncndbUi" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><span style="font-size: 10pt">Management Fees</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.50%</span></td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zaxEol5t7Djd" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><span style="font-size: 10pt">Distribution and Service (12b-1) Fees </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zgN0jxnG83O9" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><span style="font-size: 10pt">Other Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_40A_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zPu9G8YUAcSd" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><span style="font-size: 10pt">Acquired Fund Fees and Expenses<sup id="xdx_F40_zvTuTb4Qmh3j">(1)</sup></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.03%</span></td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zzp8tXXgTfhj" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><span style="font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.53%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <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="font: 10pt Times New Roman, Times, Serif"> <td id="xdx_F0A_zsRmZ8Ibu2Xj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; width: 0.25in">(1)</td> <td id="xdx_F1D_zYZGlVUhpF7g" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> <span id="xdx_902_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20261028__20261028__dei--LegalEntityAxis__custom--S000069152Member_zJHwvL64EfF6"> 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.</span></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. <p id="xdx_A86_eoef--ExpenseExampleNarrativeTextBlock_z6c053Llv1Qe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b><i>Example: </i></b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">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. <span id="xdx_90F_eoef--ExpenseExampleByYearCaption_c20261028__20261028__dei--LegalEntityAxis__custom--S000069152Member_zfwQRcARcBP">Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span></p> Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zyfVIO8GVKUa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zXLJ6bLFecZj" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: gainsboro"> <td id="xdx_482_eoef--ExpenseExampleYear01_zcVIgYwLI841" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_487_eoef--ExpenseExampleYear03_z25SM1966dOj" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 13%; text-align: center"><span style="font-size: 10pt"><b>3 Years</b></span></td> <td id="xdx_48E_eoef--ExpenseExampleYear05_z7lcnFbnJoza" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 13%; text-align: center"><span style="font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_48E_eoef--ExpenseExampleYear10_zW9U9VShspv3" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; text-align: center"><span style="font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_413_20261028__20261028__dei--LegalEntityAxis__custom--S000069152Member__oef--ClassAxis__custom--C000220986Member_z1iRQfmdc5P" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">$54</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">$170</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">$296</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">$665</span></td></tr> </table> 54 170 296 665 <p id="xdx_A82_eoef--PortfolioTurnoverTextBlock_zDCJGKXrUqG7" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b><i>Portfolio Turnover: </i></b>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 <span id="xdx_90E_eoef--PortfolioTurnoverRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000069152Member_zjeGfqoKWv3a">4%</span> of the average value of its portfolio.</p> 0.04 <p id="xdx_A8C_eoef--StrategyNarrativeTextBlock_z6Qdz72sMcBl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Principal Investment Strategies: </b>The Adviser seeks to achieve the Fund’s investment objective by investing primarily in equity securities of U.S. companies and applying a convexity option overlay strategy to the equity investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><span style="text-decoration: underline"><i>U.S. Equity Strategy</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIEludmVzdG1lbnQgU3RyYXRlZ3kA" id="xdx_908_efnd--NmRule35d1EightyPctInvstmntPlcyTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000069152Member_zKWPdDrWnZ">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, primarily by purchasing exchange-traded funds (“ETFs”). The Adviser does not frequently trade U.S. equities but seeks to maintain consistent exposure to the U.S. equity market. The Fund also may invest in equity securities of U.S. companies through exchange-traded futures contracts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><span style="text-decoration: underline"><i>Convexity Option Overlay Strategy</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">Up to twenty percent of the Fund’s net assets will be subject to the Fund’s convexity option overlay. The option overlay strategy includes purchasing exchange-traded and over-the-counter (“OTC”) put and call options on the S&amp;P 500 Index or an S&amp;P 500 Index ETF. When the Fund purchases a call option, the Fund has the right, but not the obligation, to buy a stock or other asset at a specified price (strike price) within a specific time period. When the Fund purchases a put option, the Fund has the right, but not the obligation, to sell a stock or other asset at a specified price (strike price) within a specific time period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The option overlay is a strategic, persistent exposure meant to hedge against market moves and to add convexity to the Fund. If the market goes up, the Fund’s returns may outperform the market because the Adviser will sell or exercise the call options. If the market goes down, the Fund’s returns may fall less than the market because the Adviser will sell or exercise the put options. 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, and 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. While the option overlay is intended to improve the Fund’s performance, there is no guarantee that it will do so.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">If the Adviser determines that purchasing options is not a cost-effective way to implement the overlay strategy, it may employ options spreads. For example, in a call option spread intended to acquire convexity, the Fund purchases a call option while writing a call option that is further out of the money to partially offset the cost of the purchased option. To generate additional income, the Fund employs an exchange traded and over-the-counter (“OTC”) option spread writing strategy on equity, fixed income, volatility, commodity, and currency ETFs and exchange traded products (“ETPs”). 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 cost of the written option.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">“Convexity” in the Fund’s name is a reference to the mathematical term convexity. The Fund’s returns are intended to possess convexity because the relationship between the Fund’s returns and market returns is not designed to be linear. That is, if market returns go up and down in a linear fashion, the Fund’s returns are expected to rise faster than the market in positive markets; while declining less than the market in negative markets. The value of the Fund’s call options is expected to rise in proportion to the rise in value of the underlying assets, but the amount by which the Fund’s options increase or decrease in value depends on how far the market has moved from the time the options position was initiated. The value of the Fund’s call options may rise faster than the market if the Adviser successfully selects options that appreciate in value. Otherwise stated, the term “convexity” in the Fund’s name refers to the intended non-linear nature between the Fund’s and the market returns; it does not refer to the concept of “bond convexity,” which is a measure of the non-linear relationship between bond duration and changes in interest rates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Adviser may invest in affiliated money market ETFs to manage liquidity or to pledge as collateral for derivatives.</p> 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, primarily by purchasing exchange-traded funds (“ETFs”). The Adviser does not frequently trade U.S. equities but seeks to maintain consistent exposure to the U.S. equity market. The Fund also may invest in equity securities of U.S. companies through exchange-traded futures contracts. <p id="xdx_A8B_eoef--RiskTextBlock_zcBMemXrKRq8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Principal Investment Risks: </b><i><span id="xdx_905_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000069152Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zklxGtrF2L6i">As with all funds, there is the risk that you could lose money through your investment in the Fund.</span></i><i> Many factors affect the Fund’s net asset value and price of shares and performance.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The following describes the principal risks the Fund bears with respect to its investments. <span id="xdx_90B_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000069152Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zIXH9OJOu3Bb">As with any fund, there is no guarantee that the Fund will achieve its goal.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 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. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zwSTEsUwHfve" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Active Management Risk. </i>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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommodityRiskMember_z79rxoWPABB4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Commodity Risk.</i> Investments linked to commodity derivatives can be highly volatile compared to investments in traditional securities, and funds holding instruments linked to commodity derivatives may experience large losses. The value of instruments linked to commodity derivatives may be affected by market movements, commodity benchmarks, volatility, changes in interest rates, or factors affecting a particular industry, or commodity.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zcrpakBex8G8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Currency Risk</i>. The Fund holds investments that provide exposure to certain currencies, currency exchange rates or interest rates denominated in such currencies. Changes in currency exchange rates and the relative value of currencies will affect the value of the Fund’s investment and the value of Fund shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and your investment in the Fund may experience losses</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zLTnFIocE49j" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Derivatives Risk. </i>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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">○</td><td style="text-align: justify"><i>Futures Risk. </i>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 leverage risk, risk of mispricing or improper valuation, and the risk that changes in the value of the futures contract may not correlate perfectly with the underlying index.</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zDzrDFUoKHia" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Early Close/Trading Halt Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zjDnnxs9iWmd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Equity Securities Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfStructureRisksMember_zi2TYhfnjNnb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>ETF Structure Risks: </i>The Fund is structured as an ETF and will invest in underlying ETFs. As a result, the Fund is subject to special risks, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Not Individually Redeemable</i>. 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Trading Issues</i>. 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Market Price Variance Risk</i>. 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Authorized Participant Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeRiskMember_zoVhkmo2q9A6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Fixed Income Risk. </i>When the Fund invests in fixed income linked options, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationRiskMember_zkNLiJTHRVDk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Large Capitalization Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_z9Fk6l5i0cv4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Leverage Risk. </i>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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zlYjyGOzJOCh" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Market and Geopolitical Risk. </i>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 and wars, 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionRiskMember_zjWJH3yBAdx4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Option Risk.</i> As the buyer of a put or 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--OverthecounterMarketRiskMember_zg5vl5ThulA" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Over-the-Counter Market Risk. </i>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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMediumCapitalizationRiskMember_zxqpEWiLHhw2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Small and Medium Capitalization Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundRiskMember_zDFPbqO0Fsal" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Underlying Fund Risk. </i>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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--AffiliatedMoneyMarketETFConflictOfInterestRiskMember_zxDBqPgppZoh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Affiliated Money Market ETF Conflict of Interest Risk.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--VolatilityRiskMember_zE2Z8ABRMuJa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Volatility Risk</i>. Significant short-term price movements could adversely impact the performance of the Fund. The Fund’s performance may be volatile, which means that the Fund’s performance may be subject to substantial short-term changes up or down.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TurnoverRateRiskMember_zgA7tN4Bfsi6" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Turnover Rate Risk. </i>The Fund may have portfolio turnover rates significantly in excess of 100%. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund’s performance and may produce increased taxable distributions.</p> <p id="xdx_A80_eoef--PerformanceNarrativeTextBlock_zr3EV9oiNGJ2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Performance: </b><span id="xdx_90B_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20261028__20261028__dei--LegalEntityAxis__custom--S000069152Member_zFPrYtdaPh0b">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.</span> <span id="xdx_905_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000069152Member_zXQE4iH0jMGc">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information is available at no cost by visiting <span id="xdx_906_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000069152Member_z9Dn5a8ue6I3"><span style="text-decoration: underline">www.simplify.us/etfs</span></span> or by calling <span id="xdx_902_eoef--PerformanceAvailabilityPhone_c20261028__20261028__dei--LegalEntityAxis__custom--S000069152Member_zpZrwWAsVXd6">1 (855) 772-8488</span>.</p> 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 <p id="xdx_A86_eoef--BarChartTableTextBlock_z2e7cezljoQ6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><img alt="" src="pro-spyc_001.jpg" style="height: 269px; width: 450px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zrIdLXxEipDf" 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_985_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000220986Member_zerYI242Ss26" style="display: none; text-align: center; width: 50%">28.99%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_989_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000220986Member_zwXQbYd6S2i1" style="display: none; text-align: center">-25.39%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_983_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000220986Member_zuwSkPMombR5" style="display: none; text-align: center">24.01%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_984_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000220986Member_zaLma8LZVMui" style="display: none; text-align: center">22.14%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_98C_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000220986Member_znFId0g5VMk2" style="display: none; text-align: center">15.52%</td></tr> </table> 0.2899 -0.2539 0.2401 0.2214 0.1552 <p id="xdx_A80_eoef--BarChartClosingTextBlock_zUApc6dPAar6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify; text-indent: 0.5in">During the periods shown in the bar chart above, the Fund’s <span id="xdx_906_eoef--HighestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000069152Member_zvlT6NpoUw5f">highest quarterly return</span> was <span id="xdx_907_eoef--BarChartHighestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000069152Member_zbIWJtofgzUj">19.80%</span> (quarter ended <span id="xdx_90D_eoef--BarChartHighestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000069152Member_zmWseYihpX98">June 30, 2025</span>) and the Fund’s <span id="xdx_903_eoef--LowestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000069152Member_zN2fuFsxlUH5">lowest quarterly return</span> was <span id="xdx_908_eoef--BarChartLowestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000069152Member_zpnlf2JxaDUc">-16.24%</span> (quarter ended <span id="xdx_901_eoef--BarChartLowestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000069152Member_zNPqO0fhmvJ6">June 30, 2022</span>). The calendar <span id="xdx_90D_eoef--YearToDateReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000069152Member_zwsTMb9K7ee3">year-to-date</span> total return of the Fund as of <span id="xdx_902_eoef--BarChartYearToDateReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000069152Member_zJ8gKOWdeQJl">September 30, 2026</span> was <span id="xdx_902_eoef--BarChartYearToDateReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000069152Member_ztxvv3eIAIo3">7.43%</span>.</p> highest quarterly return 0.1980 2025-06-30 lowest quarterly return -0.1624 2022-06-30 year-to-date 2026-09-30 0.0743 Average Annual Total Returns for the Periods Ended December 31, 2025 <div id="xdx_A87_eoef--PerformanceTableTextBlock_z2tULbkMxoo3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_z8jTVZ0weKbf" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr> <td style="padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in; text-align: center; vertical-align: bottom"> </td> <td style="padding-bottom: 1pt; text-align: center; vertical-align: bottom"> </td> <td colspan="2" id="xdx_495_20250101__20251231_zq2VLgMyhiba" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td style="padding-bottom: 1pt; text-align: center; vertical-align: bottom"> </td> <td style="padding-bottom: 1pt; text-align: center; vertical-align: bottom"> </td> <td colspan="2" id="xdx_49A_20210101__20251231_z8WxYRyEoKo2" style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><b>5 Years</b></td> <td style="padding-bottom: 1pt; text-align: left; vertical-align: bottom"> </td> <td style="padding-bottom: 1pt; text-align: center; vertical-align: bottom"> </td> <td colspan="2" id="xdx_49C_20200903__20251231_zPptfKLfhuMe" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>Since <br/> Inception<br/> (<span id="xdx_90E_eoef--PerfInceptionDate_c20261028__20261028__oef--ClassAxis__custom--C000220986Member_zxDjM0YC03Yl">9/3/20</span>)</b></span></td> <td style="padding-bottom: 1pt; text-align: center; vertical-align: bottom"> </td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000220986Member_zbFkl6Kh1Yal" style="background-color: gainsboro"> <td style="padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top; width: 64%"><span style="font-size: 10pt">Return Before Taxes</span></td> <td style="padding-bottom: 1pt; vertical-align: bottom; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 9%; text-align: right"><span style="font-size: 10pt">15.52</span></td> <td style="padding-bottom: 1pt; vertical-align: bottom; width: 1%"><span style="font-size: 10pt">%</span></td> <td style="padding-bottom: 1pt; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right; width: 9%">13.65</td> <td style="text-align: left; padding-bottom: 1pt; width: 1%; vertical-align: bottom">%</td> <td style="padding-bottom: 1pt; vertical-align: bottom; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 9%; text-align: right"><span style="font-size: 10pt">11.95</span></td> <td style="padding-bottom: 1pt; vertical-align: bottom; width: 1%"><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000220986Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zbqAfXdQoUm6" style="background-color: white"> <td style="padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-size: 10pt">Return After Taxes on Distributions</span></td> <td style="padding-bottom: 1pt; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">15.07</span></td> <td style="padding-bottom: 1pt; vertical-align: bottom"><span style="font-size: 10pt">%</span></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right">10.73</td> <td style="text-align: left; padding-bottom: 1pt; vertical-align: bottom">%</td> <td style="padding-bottom: 1pt; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">11.48</span></td> <td style="padding-bottom: 1pt; vertical-align: bottom"><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000220986Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zJHG3BgXEO09" style="background-color: gainsboro"> <td style="padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-size: 10pt">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="padding-bottom: 1pt; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">9.17</span></td> <td style="padding-bottom: 1pt; vertical-align: bottom"><span style="font-size: 10pt">%</span></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right">9.87</td> <td style="text-align: left; padding-bottom: 1pt; vertical-align: bottom">%</td> <td style="padding-bottom: 1pt; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">9.36</span></td> <td style="padding-bottom: 1pt; vertical-align: bottom"><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000220986Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexMember_ziuekf66LLV4" style="background-color: white"> <td style="padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-size: 10pt">S&amp;P 500 Index (<span id="xdx_904_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261028__20261028__dei--LegalEntityAxis__custom--S000069152Member_znvx3FUGeAMh">reflects no deduction for fees, expenses or taxes</span>)</span></td> <td style="padding-bottom: 1pt; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">17.88</span></td> <td style="padding-bottom: 1pt; vertical-align: bottom"><span style="font-size: 10pt">%</span></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right">14.42</td> <td style="text-align: left; padding-bottom: 1pt; vertical-align: bottom">%</td> <td style="padding-bottom: 1pt; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">15.39</span></td> <td style="padding-bottom: 1pt; vertical-align: bottom"><span style="font-size: 10pt">%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 2020-09-03 0.1552 0.1365 0.1195 0.1507 0.1073 0.1148 0.0917 0.0987 0.0936 reflects no deduction for fees, expenses or taxes 0.1788 0.1442 0.1539 <p id="xdx_A8C_eoef--PerformanceTableClosingTextBlock_zCheUjTw3MS7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span id="xdx_902_eoef--PerformanceTableUsesHighestFederalRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000069152Member_zSjfRTiBYAzh">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.</span> <span id="xdx_901_eoef--PerformanceTableNotRelevantToTaxDeferred_c20261028__20261028__dei--LegalEntityAxis__custom--S000069152Member_zVjAREUgVrkh">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.</span></p> 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. FUND SUMMARY – SIMPLIFY US EQUITY PLUS DOWNSIDE CONVEXITY ETF <p id="xdx_A85_eoef--ObjectivePrimaryTextBlock_zHQcA2EYlnjc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Investment Objective: </b>The Simplify US Equity PLUS Downside Convexity ETF (the “Fund” or “SPD”) seeks long-term capital appreciation.</p> <p id="xdx_A85_eoef--ExpenseNarrativeTextBlock_zVUa1KCfWgkd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Fees and Expenses of the Fund: </b>This table describes the fees and expenses that you may pay if you buy, sell, and hold shares of the Fund. <b>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.</b></p> <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zfaKbWCHONGk"></div> <table cellpadding="3" cellspacing="0" id="xdx_A53_dU_zRbRJgOVrKWe" 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="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 65%; vertical-align: top"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses<br/> </b>(expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_492_20261028__20261028__dei--LegalEntityAxis__custom--S000069153Member__oef--ClassAxis__custom--C000220987Member_zf6zfDfelFwi" style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 15%; vertical-align: bottom"><span style="font-size: 10pt"> </span></td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zJA2qirI5MC2" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><span style="font-size: 10pt">Management Fees</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.50%</span></td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_z3qgN1alE1le" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><span style="font-size: 10pt">Distribution and Service (12b-1) Fees </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_z0ztqD1eHfie" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><span style="font-size: 10pt">Other Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_40A_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_z2lgURp2iaB2" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><span style="font-size: 10pt">Acquired Fund Fees and Expenses<sup id="xdx_F43_z0bNAsJw2sVc">(1)</sup></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.03%</span></td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zMJN3CZ3W3j4" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"><span style="font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.53%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <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="font: 10pt Times New Roman, Times, Serif"> <td id="xdx_F00_zHebRoypHgO9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; width: 0.25in">(1)</td> <td id="xdx_F14_ziraQurXY764" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> <span id="xdx_90B_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20261028__20261028__dei--LegalEntityAxis__custom--S000069153Member_zqH54Iw7Peza"> 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.</span></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. <p id="xdx_A8B_eoef--ExpenseExampleNarrativeTextBlock_z4XWvLzNgb8l" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b><i>Example: </i></b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">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. <span id="xdx_90A_eoef--ExpenseExampleByYearCaption_c20261028__20261028__dei--LegalEntityAxis__custom--S000069153Member_zxFQObg3VWrc">Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span></p> Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zmmzTbdeyeL"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zwWKrzYPiRVi" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: gainsboro"> <td id="xdx_48F_eoef--ExpenseExampleYear01_zLHCei7AED6d" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_480_eoef--ExpenseExampleYear03_z8JGkHq506vi" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 13%; text-align: center"><span style="font-size: 10pt"><b>3 Years</b></span></td> <td id="xdx_480_eoef--ExpenseExampleYear05_zQruAaxvE4h" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 13%; text-align: center"><span style="font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_481_eoef--ExpenseExampleYear10_zst2mXxIi3Mh" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; text-align: center"><span style="font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_419_20261028__20261028__dei--LegalEntityAxis__custom--S000069153Member__oef--ClassAxis__custom--C000220987Member_zj9ux9I5PZcf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">$54</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">$170</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">$296</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">$665</span></td></tr> </table> 54 170 296 665 <p id="xdx_A85_eoef--PortfolioTurnoverTextBlock_zF28Sfhhwlu6" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b><i>Portfolio Turnover: </i></b>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 <span id="xdx_904_eoef--PortfolioTurnoverRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000069153Member_zxu4xS9d4sCi">5%</span> of the average value of its portfolio.</p> 0.05 <p id="xdx_A86_eoef--StrategyNarrativeTextBlock_zVcOGXiN7bNc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Principal Investment Strategies: </b>The Adviser seeks to achieve the Fund’s investment objective by investing primarily in equity securities of U.S. companies and applying a downside convexity option overlay strategy to the equity investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i><span style="text-decoration: underline">U.S. Equity Strategy</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIEludmVzdG1lbnQgU3RyYXRlZ3kA" id="xdx_900_efnd--NmRule35d1EightyPctInvstmntPlcyTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000069153Member_z6S5VZSxxEV1">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, primarily by purchasing exchange-traded funds (“ETFs”). The Adviser does not frequently trade U.S. equities but seeks to maintain consistent exposure to the U.S. equity market. The Fund also may invest in equity securities of U.S. companies through exchange-traded futures contracts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i><span style="text-decoration: underline">Downside Convexity Option Overlay Strategy</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">Up to twenty percent of the Fund’s net assets will be subject to the Fund’s downside convexity option overlay. The downside convexity option overlay strategy includes purchasing exchange-traded and over-the-counter (“OTC”) put options on the S&amp;P 500 Index or an S&amp;P 500 Index ETF. When the Fund purchases a put option, the Fund has the right, but not the obligation, to sell a stock or other asset at a specified price (strike price) within a specific time period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The downside convexity option overlay is a strategic, persistent exposure meant to hedge against market moves and is intended to add convexity to the Fund. If the market goes down, the Fund’s returns may fall less than the market because the Adviser will sell or exercise the put options. 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, and 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. While the downside convexity option overlay is intended to protect the Fund from losses, there is no guarantee that it will be able to protect the Fund from losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">If the Adviser determines that purchasing put options is not a cost-effective way to implement the overlay strategy, it may employ option spreads. In a put option spread intended to acquire convexity, the Fund purchases a put option while writing a put option that is further out of the money to partially offset the cost of the purchased option. To generate additional income, the Fund employs an exchange-traded and over-the-counter (“OTC”) option spread writing strategy on equity, fixed income, volatility, commodity, and currency ETFs and exchange traded products (“ETPs”). 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 cost of the written option.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">“Convexity” in the Fund’s name is a reference to the mathematical term convexity. The Fund’s losses, if any, are anticipated to show convexity because the relationship between the Fund’s and market declines is not designed to be linear. That is, if markets decline in a linear fashion, the Fund’s returns are expected to decline slower than the market. Otherwise stated, the term “convexity” in the Fund’s name refers to the intended non-linear nature between the Fund’s and the market returns; it does not refer to the concept of “bond convexity,” which is a measure of the non-linear relationship between bond duration and changes in interest rates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Adviser may invest in affiliated money market ETFs to manage liquidity or to pledge as collateral for derivatives.</p> 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, primarily by purchasing exchange-traded funds (“ETFs”). The Adviser does not frequently trade U.S. equities but seeks to maintain consistent exposure to the U.S. equity market. The Fund also may invest in equity securities of U.S. companies through exchange-traded futures contracts. <p id="xdx_A8C_eoef--RiskTextBlock_ztNfUQQGeNej" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Principal Investment Risks: </b><i><span id="xdx_905_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000069153Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zG7MzNb9DQRa">As with all funds, there is the risk that you could lose money through your investment in the Fund.</span> Many factors affect the Fund’s net asset value and price of shares and performance.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The following describes the principal risks the Fund bears with respect to its investments. <span id="xdx_904_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000069153Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_z0IDZMRoAK5">As with any fund, there is no guarantee that the Fund will achieve its goal.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 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. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zkZA5fwfeAc8" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Active Management Risk</i>. 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommodityRiskMember_z28vYaWUvwXh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Commodity Risk.</i> Investments linked to commodity derivatives can be highly volatile compared to investments in traditional securities, and funds holding instruments linked to commodity derivatives may experience large losses. The value of instruments linked to commodity derivatives may be affected by market movements, commodity benchmarks, volatility, changes in interest rates, or factors affecting a particular industry, or commodity.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zykOzAR279Kf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Currency Risk</i>. The Fund holds investments that provide exposure to certain currencies, currency exchange rates or interest rates denominated in such currencies. Changes in currency exchange rates and the relative value of currencies will affect the value of the Fund’s investment and the value of Fund shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and your investment in the Fund may experience losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z0iXAuHaeVF5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Derivatives Risk. </i>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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">○</td><td style="text-align: justify"><i>Futures Risk. </i>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 leverage risk, risk of mispricing or improper valuation, and the risk that changes in the value of the futures contract may not correlate perfectly with the underlying index.</td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zGKpmbh2eOOk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Early Close/Trading Halt Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_z6duPwmnB7F6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Equity Securities Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfStructureRisksMember_zHNMTZpw2xxa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>ETF Structure Risks: </i>The Fund is structured as an ETF and will invest in underlying ETFs. As a result, the Fund is subject to special risks, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Not Individually Redeemable</i>. 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Trading Issues</i>. 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Market Price Variance Risk</i>. 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Authorized Participant Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeRiskMember_zynejNtNr0f7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Fixed Income Risk. </i>When the Fund invests in fixed income linked options, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationRiskMember_zYUObEM9d5ei" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Large Capitalization Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zMcWnIuFTQZd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Leverage Risk. </i>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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_z7kAuvnCNL77" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Market and Geopolitical Risk. </i>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 and wars, 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionRiskMember_zUtYlHGADP4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Option Risk. </i>As the buyer of a put option, the Fund risks losing the entire premium invested in the option if the Fund does not exercise the option. Put spreads provide only limited protection when there are significant market declines.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--OverthecounterMarketRiskMember_zSNRtOmAQXTg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Over-the-Counter Market Risk. </i>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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMediumCapitalizationRiskMember_z5ZpO05bAA32" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Small and Medium Capitalization Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundRiskMember_zlI3IqDPo6K3" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Underlying Fund Risk. </i>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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--AffiliatedMoneyMarketETFConflictOfInterestRiskMember_zfvfE4fbuhoa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Affiliated Money Market ETF Conflict of Interest Risk.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--VolatilityRiskMember_zPFq8523AgX6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Volatility Risk</i>. Significant short-term price movements could adversely impact the performance of the Fund. The Fund’s performance may be volatile, which means that the Fund’s performance may be subject to substantial short-term changes up or down.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TurnoverRateRiskMember_zxApOtNGctEi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Turnover Rate Risk. </i>The Fund may have portfolio turnover rates significantly in excess of 100%. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund’s performance and may produce increased taxable distributions.</p> <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_zmHUwsZOihWg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Performance: </b><span id="xdx_902_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20261028__20261028__dei--LegalEntityAxis__custom--S000069153Member_zNcitDVmi0V4">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.</span> <span id="xdx_905_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000069153Member_zeUZzzqg1uUd">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information is available at no cost by visiting <span id="xdx_904_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000069153Member_zFDmjguYGSY3"><span style="text-decoration: underline">www.simplify.us/etfs</span></span> or by calling <span id="xdx_901_eoef--PerformanceAvailabilityPhone_c20261028__20261028__dei--LegalEntityAxis__custom--S000069153Member_z1yRROTzQidl">1 (855) 772-8488</span>.</p> 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 <p id="xdx_A84_eoef--BarChartTableTextBlock_ztIYYtSjmjgf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><img alt="" src="pro-spd_001.jpg" style="height: 270px; width: 450px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"> </p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zSEQ8vbhrOk3" 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_981_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000220987Member_z6xFmLjI1UMi" style="display: none; text-align: center; width: 50%">24.37%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_980_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000220987Member_zZhKjb1sYeof" style="display: none; text-align: center">-25.64%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_984_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000220987Member_zwPfBw7LZkV9" style="display: none; text-align: center">21.05%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_986_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000220987Member_zm7GhYXCUiog" style="display: none; text-align: center">17.57%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_98B_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000220987Member_zHOl1fMnyBTg" style="display: none; text-align: center">18.57%</td></tr> </table> 0.2437 -0.2564 0.2105 0.1757 0.1857 <p id="xdx_A86_eoef--BarChartClosingTextBlock_zSs946W4CFtj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify; text-indent: 0.5in">During the periods shown in the bar chart above, the Fund’s <span id="xdx_90C_eoef--HighestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000069153Member_z7JgzsURGzHf">highest quarterly return</span> was <span id="xdx_909_eoef--BarChartHighestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000069153Member_zyS8qBS6512b">19.80%</span> (quarter ended <span id="xdx_90C_eoef--BarChartHighestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000069153Member_zSqoGdgW7oE4">June 30, 2025</span>) and the Fund’s <span id="xdx_90C_eoef--LowestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000069153Member_z382cJAD00Y7">lowest quarterly return</span> was <span id="xdx_902_eoef--BarChartLowestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000069153Member_zhYwpgvktHU9">-14.61%</span> (quarter ended <span id="xdx_909_eoef--BarChartLowestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000069153Member_zlOVtr0rs26c">June 30, 2022</span>). The calendar <span id="xdx_90D_eoef--YearToDateReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000069153Member_zgRxsVVyErKb">year-to-date total return</span> of the Fund as of <span id="xdx_90E_eoef--BarChartYearToDateReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000069153Member_zfmrP3xahYab">September 30, 2026</span> was <span id="xdx_90E_eoef--BarChartYearToDateReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000069153Member_zCBDdBvGpgDi">6.92%</span>.</p> highest quarterly return 0.1980 2025-06-30 lowest quarterly return -0.1461 2022-06-30 year-to-date total return 2026-09-30 0.0692 Average Annual Total Returns for the Periods Ended December 31, 2025 <div id="xdx_A89_eoef--PerformanceTableTextBlock_zdwgePUcI2V7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zk3FxmSpyan6" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr> <td style="padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"> </td> <td style="padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" id="xdx_49C_20250101__20251231_zaXfBveA5gqe" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td style="padding-bottom: 1pt; vertical-align: bottom"> </td> <td style="padding-bottom: 1pt; text-align: left; vertical-align: bottom"> </td> <td colspan="2" id="xdx_49C_20210101__20251231_zwVhSQglsvUc" style="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><b>5 Years</b></td> <td style="padding-bottom: 1pt; text-align: left; vertical-align: bottom"> </td> <td style="padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" id="xdx_495_20200903__20251231_zqvT1MdC87S8" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>Since <br/> Inception<br/> (<span id="xdx_90E_eoef--PerfInceptionDate_c20261028__20261028__oef--ClassAxis__custom--C000220987Member_zhnfBNokH7ml">9/3/20</span>)</b></span></td> <td style="padding-bottom: 1pt; vertical-align: bottom"> </td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000220987Member_zDtQc8kmYLsk" style="background-color: gainsboro"> <td style="padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top; width: 64%"><span style="font-size: 10pt">Return Before Taxes</span></td> <td style="padding-bottom: 1pt; vertical-align: bottom; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 9%; text-align: right"><span style="font-size: 10pt">18.57</span></td> <td style="padding-bottom: 1pt; vertical-align: bottom; width: 1%"><span style="font-size: 10pt">%</span></td> <td style="padding-bottom: 1pt; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right; width: 9%">9.31</td> <td style="text-align: left; padding-bottom: 1pt; width: 1%; vertical-align: bottom">%</td> <td style="padding-bottom: 1pt; vertical-align: bottom; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 9%; text-align: right"><span style="font-size: 10pt">10.29</span></td> <td style="padding-bottom: 1pt; vertical-align: bottom; width: 1%"><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000220987Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zqT641nN8ndc" style="background-color: white"> <td style="padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-size: 10pt">Return After Taxes on Distributions</span></td> <td style="padding-bottom: 1pt; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">18.07</span></td> <td style="padding-bottom: 1pt; vertical-align: bottom"><span style="font-size: 10pt">%</span></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right">8.81</td> <td style="text-align: left; padding-bottom: 1pt; vertical-align: bottom">%</td> <td style="padding-bottom: 1pt; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">9.79</span></td> <td style="padding-bottom: 1pt; vertical-align: bottom"><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000220987Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zCGamPSkySVg" style="background-color: gainsboro"> <td style="padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-size: 10pt">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="padding-bottom: 1pt; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">10.97</span></td> <td style="padding-bottom: 1pt; vertical-align: bottom"><span style="font-size: 10pt">%</span></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right">7.14</td> <td style="text-align: left; padding-bottom: 1pt; vertical-align: bottom">%</td> <td style="padding-bottom: 1pt; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">7.97</span></td> <td style="padding-bottom: 1pt; vertical-align: bottom"><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000220987Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zIAkwveRJEcl" style="background-color: white"> <td style="padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-size: 10pt">S&amp;P 500 Index (<span id="xdx_902_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261028__20261028__dei--LegalEntityAxis__custom--S000069153Member_zU4A5Mcgf7Cd">reflects no deduction for fees, expenses or taxes</span>)</span></td> <td style="padding-bottom: 1pt; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">17.88</span></td> <td style="padding-bottom: 1pt; vertical-align: bottom"><span style="font-size: 10pt">%</span></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right">14.42</td> <td style="text-align: left; padding-bottom: 1pt; vertical-align: bottom">%</td> <td style="padding-bottom: 1pt; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">15.39</span></td> <td style="padding-bottom: 1pt; vertical-align: bottom"><span style="font-size: 10pt">%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 2020-09-03 0.1857 0.0931 0.1029 0.1807 0.0881 0.0979 0.1097 0.0714 0.0797 reflects no deduction for fees, expenses or taxes 0.1788 0.1442 0.1539 <p id="xdx_A83_eoef--PerformanceTableClosingTextBlock_zxVLKIeKAaL5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span id="xdx_901_eoef--PerformanceTableUsesHighestFederalRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000069153Member_zIak69vDMSt5">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.</span> <span id="xdx_907_eoef--PerformanceTableNotRelevantToTaxDeferred_c20261028__20261028__dei--LegalEntityAxis__custom--S000069153Member_zbvbqAgSXVv">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.</span></p> 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. FUND SUMMARY – Simplify US Equity PLUS Managed Futures Strategy ETF <p id="xdx_A83_eoef--ObjectivePrimaryTextBlock_z7LT4rmK3A93" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Investment Objective: </b>The Simplify US Equity PLUS Managed Futures Strategy ETF (the “Fund” or “CTAP”) seeks long-term capital appreciation.</p> <p id="xdx_A8A_eoef--ExpenseNarrativeTextBlock_zCCkBA5NA0k4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fees and Expenses of the Fund:</b> This table describes the fees and expenses that you may pay if you buy, sell, and hold shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table or examples below.</b></p> <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_zR5CVwOEtTB6"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5F_dU_zhGmzuzu7PKg" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="background-color: Gainsboro; vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: left">Annual Fund Operating Expenses<br/><span style="font-style: normal; font-weight: normal">(expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_49D_20261028__20261028__dei--LegalEntityAxis__custom--S000096492Member__oef--ClassAxis__custom--C000265327Member_zLBBXwxQjfjf" style="border: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zYhrRUOqx2Ga" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; 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">0.10%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zlENljQ2dAqc" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; 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_zrhslugx2XMi" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; 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_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zWNH8KQIUQYf" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses<sup id="xdx_F4E_zVqEsZUnnBl3">(1)</sup></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_zN12hQZhEQkb" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; 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">0.13%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto;width: 80%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td id="xdx_F01_zabulf1OggP8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">(1)</td> <td id="xdx_F11_zDIhCzOObZy" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in"><span id="xdx_90F_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20261028__20261028__dei--LegalEntityAxis__custom--S000096492Member_zbxxTyYedAb3"> 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.</span></td> </tr> </table> 0.0010 0.0000 0.0000 0.0003 0.0013 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. <p id="xdx_A81_eoef--ExpenseExampleNarrativeTextBlock_z2FoWGucgYeb" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b><i>Example: </i></b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">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. <span id="xdx_901_eoef--ExpenseExampleByYearCaption_c20261028__20261028__dei--LegalEntityAxis__custom--S000096492Member_zprR4uP35GC5">Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zDX0rfc9AAX7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zoR1y03Qm7v4" 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="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro"> <td id="xdx_48A_eoef--ExpenseExampleYear01_zXjnFydpLzL" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><b>1 Year</b></td> <td id="xdx_488_eoef--ExpenseExampleYear03_zV5aaMBekNOj" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><b>3 Years</b></td> <td id="xdx_48F_eoef--ExpenseExampleYear05_zJkQ6IaxT1a4" style="border-bottom: Black 1pt solid; text-align: center"><b>5 Years</b></td> <td id="xdx_482_eoef--ExpenseExampleYear10_z8r2VAdJ3L0f" style="border-bottom: Black 1pt solid; text-align: center"><b>10 Years</b></td></tr> <tr id="xdx_41D_20261028__20261028__dei--LegalEntityAxis__custom--S000096492Member__oef--ClassAxis__custom--C000265327Member_zeKMxzIqb1Cc" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: top; width: 12%">$13</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 13%; text-align: center; vertical-align: bottom">$42</td> <td style="text-align: center; width: 13%">$73</td> <td style="text-align: center; width: 12%">$167</td></tr> </table> 13 42 73 167 <p id="xdx_A87_eoef--PortfolioTurnoverTextBlock_zKVNShVXdKj2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Portfolio Turnover: </i></b>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 period December 8, 2025 (commencement of operations) through June 30, 2026, the Fund’s portfolio turnover rate was <span id="xdx_90D_eoef--PortfolioTurnoverRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000096492Member_zGKOhcWHTFNf">21%</span> of the average value of its portfolio.</p> 0.21 Principal Investment Strategies: <p id="xdx_A80_eoef--StrategyNarrativeTextBlock_zmhfQbA1mdAe" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The Fund is an actively managed exchange-traded fund (“ETF”). The Fund’s Adviser seeks to achieve the Fund’s investment objective by employing two principal strategies:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="margin: 0;"><span style="text-decoration: underline"><i>US Equity Strategy</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The US Equity Strategy is designed to capture long-term returns by investing in (i) US equity securities of large capitalization companies, (ii) ETFs that are representative of US large capitalization companies, and (iii) futures contracts on equity indexes the Adviser believes will provide exposure to US large capitalization companies. The Fund defines US companies as those organized in the US; or having a class of securities whose principal securities market is in the US; or deriving at least 50% of total revenues or earnings from goods produced, sales made, or services provided in the US, or maintaining at least 50% of employees, assets, investments, operations, or other business activity in the US. The Fund defines large-capitalization companies as those with market capitalizations above $10 billion at the time of purchase. The Adviser allocates assets between or among the various types of equity instruments based on its view of which will be the most economically efficient means to capture long-term returns. The Adviser selects ETFs based upon relative expenses, manager tenure, and liquidity. The Adviser sells an ETF to rebalance strategy allocations or when a more-attractive ETF becomes available.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;"><span style="text-decoration: underline"><i>Managed Futures Strategy</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The Managed Futures Strategy is designed to capture long-term returns by selecting long and short futures positions among exchange-traded futures on: (i) currencies, (ii) interest rates, (iii) equities, and (iv) commodities. The Fund primarily executes the Managed Futures Strategy indirectly by investing in a total return swap on the Simplify Managed Futures Strategy ETF (“CTA”), which is a US domiciled exchange-traded fund managed by the Adviser. When the Fund enters into a total return swap, the Fund makes payments to the swap counterparty based on either a fixed or variable rate, and the swap counterparty makes payments to the Fund based on the return of CTA. CTA attempts to capture the economic benefit derived from price trends based on the price changes of futures contracts. CTA will generally be positioned long if a futures contract is experiencing a positive price trend; and positioned short if a futures contract is experiencing a negative price trend. This positioning is based on both (i) a comparison of the recent price returns of each futures contract, and (ii) models that analyze measures of relative and absolute momentum signals (prices trending higher or lower over various look-back periods). The Fund may also execute the Managed Futures Strategy directly through futures contracts, or indirectly through total returns swaps linked to other futures-based funds.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The Fund uses derivatives to overlay the Managed Futures Strategy on top of the US Equity Strategy such that for each one dollar invested, the Fund has one dollar of US equity exposure and one dollar of CTA futures exposure. In other words, for each dollar invested, an investor will have the approximate expected returns of one dollar of equities as well as the expected returns of one dollar of CTA. The Adviser expects to be fully invested in each strategy. The Fund may substitute other forms of futures exposure but expects the economic exposure to be the same as one dollar of CTA futures exposure.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIEludmVzdG1lbnQgU3RyYXRlZ3kA" id="xdx_901_efnd--NmRule35d1EightyPctInvstmntPlcyTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000096492Member_zi4fcTAXtoZ1">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 US companies and futures.</span> For purposes of the 80% test, the Fund includes (i) equity securities of common stock, preferred stock, ETFs that primarily invest in the same, and futures on US equity indexes; (ii) US companies consistent with the definition provided above; and (iii) futures on currencies, interest rates, equities, and commodities, as well as ETFs that invest in futures strategies and total return swaps linked to the same.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended, which means that the Fund may invest a higher percentage of its assets in a fewer number of issuers than is permissible for a “diversified” Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The Fund is required to post collateral to assure its performance to the swap counterparty. The Fund will hold cash and cash-like instruments or high-quality short term fixed income securities (collectively, “Collateral”). The Collateral may consist of (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds (including affiliated money market ETFs); (3) fixed income ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by companies that are rated investment grade or of comparable quality. The Adviser considers an unrated security to be of comparable quality to a security rated investment grade if it believes it has a similar low risk of default.</p> 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 US companies and futures. <p id="xdx_A81_eoef--RiskTextBlock_zIpQrIhamc79" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Principal Investment Risks: </b><i><span id="xdx_909_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000096492Member__oef--RiskAxis__oef--RiskLoseMoneyMember_ztwVts7ElOga">As with all funds, there is the risk that you could lose money through your investment in the Fund.</span> Many factors affect the Fund’s net asset value and price of shares and performance.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The following describes the risks the Fund bears directly and indirectly with respect to its investments. <span id="xdx_903_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000096492Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zxP3mLIoL0O1">As with any fund, there is no guarantee that the Fund will achieve its goal.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 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. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zy3bKueVciV8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Equity Securities Risk. </i>The net asset value of the Fund will fluctuate based on changes in the value of the 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in"><i>Large Capitalization Risk</i>. 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.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zzljBCOPBA1i" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Market and Geopolitical Risk</i>. 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, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts and wars, 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zyfxAhcwbCc4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Active Management Risk.</i> The Fund is subject to the risk that the investment management strategy may not produce the intended results and may negatively impact Fund performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TotalReturnSwapRiskMember_zXJuqfpK6409" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Total Return Swap Risk</i>. Leverage inherent in total return swaps will tend to magnify the Fund’s losses if the reference asset or assets declines in price. These contracts involve exposure to credit risk because contract performance depends, in part, on the financial condition of the counterparty. If the creditworthiness of the counterparty declines, the Fund may not receive payments owed under the contract, or such payments may be delayed and the value of agreements with the counterparty can be expected to decline, potentially resulting in losses to the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesRiskMember_zCYojXlCnrUc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Futures Risk</i>. 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. Investments in futures involve leverage, which means a small percentage of assets invested in futures can have a disproportionately large impact on the Fund. This risk could cause the Fund to lose more than the principal amount invested. Futures contracts may become mispriced or improperly valued when compared to the Adviser’s expectation and may not produce the desired investment results. Additionally, changes in the value of futures contracts may not track or correlate perfectly with the underlying index because of temporary, or even long-term, supply and demand imbalances and because futures do not pay dividends unlike the stocks upon which they are based.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in"><i>Currency Futures Risk</i>. Foreign currency contracts subject the Fund to currency trading risks that include market risk and country risk. Market risk results from adverse changes in exchange rates. Country risk arises because a government may interfere with transactions in its currency.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in"><i>Interest Rate Futures Risk</i>. Typically, a rise in interest rates causes a decline in the value of debt futures. Current conditions may result in a rise in interest rates, which in turn may result in a decline in the value of the debt futures held by the Fund.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in"><i>Equity Futures Risk</i>. Equity futures are subject to general market risks and may not track the equity indices for which they are intended to serve as substitutes.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in"><i>Commodity Futures Risk</i></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in"><i>Energy Futures Risk</i>. Energy prices may be adversely affected by fluctuating commodity prices, weather, increased conservation or use of alternative fuel sources, increased governmental or environmental regulation, depletion, rising interest rates, declines in domestic or foreign production, accidents or catastrophic events, and economic conditions.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in"><i>Metals Futures Risk</i>. Precious and industrial metals prices may be susceptible to financial, economic, political or market events, as well as government regulation, impacting the production costs of these metals. Precious metal prices may become volatile when they serve as a substitute for currencies.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in"><i>Agriculture Futures Risk</i>. Investing in the agriculture commodities markets through futures may subject the Fund to greater volatility than investments in traditional securities. Agriculture prices may be influenced by unfavorable weather, animal and plant disease, geologic and environmental factors as well as changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryRiskMember_zqCzSMVnZrVj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Limited History Risk.</i> The Fund is a new ETF and has a limited history of operations for investors to evaluate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedFundRiskMember_zQbkxP1Jc7Cg" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><i>Non-Diversified Fund Risk.</i> <span id="xdx_901_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000096492Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zkmlH023BFP2">Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundRiskMember_zyg3V1NXkp94" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Underlying Fund Risk. </i>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, which are similar to the risks of the Fund. The Adviser is subject to an indirect conflict of interest in allocating the Fund’s assets to a swap linked to CTA, as CTA is an affiliated fund that may underperform other futures-based funds.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zHbBWDabNfjk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Early Close/Trading Halt Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfStructureRiskMember_zLiOOSircN" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>ETF Structure Risk. </i>The Fund is structured as an ETF. As a result, the Fund is subject to the special risks, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in"><i>Not Individually Redeemable.</i> The Fund’s shares (“Shares”) are not redeemable by retail investors and may be redeemed only by 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in"><i>Trading Issues</i>. Trading in Shares on 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in"><i>Market Price Variance Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in">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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in">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 for 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in">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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in"><i>Authorized Participant Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Performance: Performance information will be available in the prospectus after the Fund has been in operation for one full calendar year. Past performance is not necessarily an indication of how the Fund will perform in the future. Updated performance information will be available at no cost by visiting www.simplify.us or by calling 1 (855) 772-8488. Performance information will be available in the prospectus after the Fund has been in operation for one full calendar year. Past performance is not necessarily an indication of how the Fund will perform in the future. www.simplify.us 1 (855) 772-8488 FUND SUMMARY – SIMPLIFY US EQUITY INCOME ETF (formerly, Simplify US Equity PLUS Upside Convexity ETF) <p id="xdx_A80_eoef--ObjectivePrimaryTextBlock_ztxeVropcQTf" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Investment Objective: </b>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.</p> <p id="xdx_A85_eoef--ExpenseNarrativeTextBlock_zGZErPIYWT2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Fees and Expenses of the Fund: </b>This table describes the fees and expenses that you may pay if you buy, sell and hold shares of the Fund. <b>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.</b></p> <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<br/><span style="font-style: normal; font-weight: normal">(expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_49B_20261028__20261028__dei--LegalEntityAxis__custom--S000069154Member__oef--ClassAxis__custom--C000220988Member_zKbZv8OwXVo8" 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<sup id="xdx_F42_zeLojrBkhOwc">(1)</sup></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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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"><span id="xdx_905_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20261028__20261028__dei--LegalEntityAxis__custom--S000069154Member_zz4oGcOYEBAd"> 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.</span></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. <p id="xdx_A82_eoef--ExpenseExampleNarrativeTextBlock_zzON1frqdESg" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b><i>Example: </i></b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 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: 12%; text-align: center"><b>1 Year</b></td> <td id="xdx_483_eoef--ExpenseExampleYear03_z0ry7n7GwWg9" style="border-bottom: Black 1pt solid; background-color: Gainsboro; width: 13%; text-align: center"><b>3 Years</b></td> <td id="xdx_481_eoef--ExpenseExampleYear05_zKe4cy8vncWi" style="border-bottom: Black 1pt solid; background-color: Gainsboro; width: 13%; text-align: center"><b>5 Years</b></td> <td id="xdx_481_eoef--ExpenseExampleYear10_zbGe3H8SSBC8" style="border-bottom: Black 1pt solid; background-color: Gainsboro; text-align: center; width: 12%"><b>10 Years</b></td> </tr> <tr id="xdx_418_20261028__20261028__dei--LegalEntityAxis__custom--S000069154Member__oef--ClassAxis__custom--C000220988Member_z0QQZgZo93w6" 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 <p id="xdx_A8E_eoef--PortfolioTurnoverTextBlock_zmRTwChAD1tb" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b><i>Portfolio Turnover: </i></b>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 <span id="xdx_90D_eoef--PortfolioTurnoverRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000069154Member_zF8UxDwyXpAl">64%</span> of the average value of its portfolio.</p> 0.64 <p id="xdx_A80_eoef--StrategyNarrativeTextBlock_zmwes6cqLODc" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Principal Investment Strategies: </b>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><i><span style="text-decoration: underline">U.S. Equity Strategy</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><i><span style="text-decoration: underline">Option Overlay Strategy</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The Adviser may invest in affiliated money market ETFs to manage liquidity or to pledge as collateral for derivatives.</p> <p id="xdx_A86_eoef--RiskTextBlock_z7hFJZpbVpqa" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Principal Investment Risks: </b><i><span id="xdx_902_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000069154Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zxadkZi5bcZg">As with all funds, there is the risk that you could lose money through your investment in the Fund</span>. Many factors affect the Fund’s net asset value and price of shares and performance.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The following describes the principal risks the Fund bears with respect to its investments. <span id="xdx_901_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000069154Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zN2StN8yZEW3">As with any fund, there is no guarantee that the Fund will achieve its goal</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 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 <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zj4DHqRDPjYl" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><i>Active Management Risk</i>. 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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"><i>Cash or Cash Equivalents Risk.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_znsGciJdNwzc" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><i>Derivatives Risk. </i>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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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"><i>Early Close/Trading Halt Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_z4oEYJrOXXJ8" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><i>Equity Securities Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfStructureRisksMember_ziQCLCFgrZt3" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><i>ETF Structure Risks. </i>The Fund is structured as an ETF and will invest in underlying ETFs. As a result, the Fund is subject to special risks, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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"><i>Not Individually Redeemable</i>. 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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"><i>Trading Issues</i>. 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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"><i>Market Price Variance Risk</i>. 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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"><i>Authorized Participant Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesRiskMember_zxUPdE1V6yI4" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><i>Futures Risk. </i>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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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"><i>Large Capitalization Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_z6oSpHfwuqae" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><i>Leverage Risk. </i>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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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"><i>Market and Geopolitical Risk. </i>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 and wars, 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionRiskMember_z1HmdXq7I8qa" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><i>Option Risk. </i>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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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"><i>Over-the-Counter Market Risk. </i>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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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"><i>Small and Medium Capitalization Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundRiskMember_z7aT9Txqaw21" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><i>Underlying Fund Risk. </i>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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--AffiliatedEtfConflictOfInterestsRiskMember_zbIciF0TDETl" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><i>Affiliated ETF Conflict of Interest Risk.</i> 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.</p> <p id="xdx_A88_eoef--PerformanceNarrativeTextBlock_z186DRI5I5O5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Performance: </b><span id="xdx_90A_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20261028__20261028__dei--LegalEntityAxis__custom--S000069154Member_zZ0ll8ee4cYk">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.</span> <span id="xdx_90B_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000069154Member_zIbK6eLcIKC7">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information is available at no cost by visiting <span id="xdx_907_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000069154Member_zUEPoRieLHoa"><span style="text-decoration: underline">www.simplify.us/etfs</span></span> or by calling <span id="xdx_909_eoef--PerformanceAvailabilityPhone_c20261028__20261028__dei--LegalEntityAxis__custom--S000069154Member_zGZE94cXtHPj">1 (855) 772-8488</span>.</p> 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 <p id="xdx_A8B_eoef--BarChartTableTextBlock_zfFbliejjTTa" style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><img alt="" src="pro-spuc_001.jpg" style="height: 270px; width: 450px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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 <p id="xdx_A81_eoef--BarChartClosingTextBlock_zM0X7cVpDLdd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-indent: 0.5in; text-align: justify">During the periods shown in the bar chart above, the Fund’s <span id="xdx_90D_eoef--HighestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000069154Member_zELBYa9rEol6">highest quarterly return</span> was <span id="xdx_90A_eoef--BarChartHighestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000069154Member_zdIgUX94y2rd">18.68%</span> (quarter ended <span id="xdx_90A_eoef--BarChartHighestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000069154Member_zBZ8zc0WYSzk">March 31, 2024</span>) and the Fund’s <span id="xdx_909_eoef--LowestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000069154Member_zyiO39MVFCGh">lowest quarterly return</span> was <span id="xdx_901_eoef--BarChartLowestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000069154Member_zBrS4eoeV3pf">-17.79%</span> (quarter ended <span id="xdx_903_eoef--BarChartLowestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000069154Member_zFnsCzSefsyc">June 30, 2022</span>). The calendar <span id="xdx_900_eoef--YearToDateReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000069154Member_zHe0pyH2Q952">year-to-date total return</span> of the Fund as of <span id="xdx_90B_eoef--BarChartYearToDateReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000069154Member_z1TVAeV9UNyd">September 30, 2026</span> was <span id="xdx_90E_eoef--BarChartYearToDateReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000069154Member_zKl38USMCJL8">11.50%</span>.</p> highest quarterly return 0.1868 2024-03-31 lowest quarterly return -0.1779 2022-06-30 year-to-date total return 2026-09-30 0.1150 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"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td> </td> <td> </td> <td colspan="2" id="xdx_494_20210101__20251231_z8ZbejGKcCC5" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>5 Years</b></span></td> <td> </td> <td> </td> <td colspan="2" id="xdx_495_20200903__20251231_zub4l3yEdrzg" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Since <br/> Inception<br/> (<span id="xdx_907_eoef--PerfInceptionDate_c20261028__20261028__oef--ClassAxis__custom--C000220988Member_zZ2Sr5n4eZ08">9/3/20</span>)</b></span></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"><span style="font-size: 10pt">Return Before Taxes</span></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"><span style="font-size: 10pt">22.58</span></td> <td style="width: 1%"><span style="font-size: 10pt">%</span></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"><span style="font-size: 10pt">14.58</span></td> <td style="width: 1%"><span style="font-size: 10pt">%</span></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"><span style="font-size: 10pt">15.44</span></td> <td style="width: 1%"><span style="font-size: 10pt">%</span></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"><span style="font-size: 10pt">Return After Taxes on Distributions</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">19.47</span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">13.57</span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">14.41</span></td> <td><span style="font-size: 10pt">%</span></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"><span style="font-size: 10pt">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">14.00</span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">11.36</span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">12.10</span></td> <td><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--C000220988Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zlHO7XCxusX8" style="vertical-align: bottom; background-color: white"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt">S&amp;P 500 Index (<span id="xdx_90B_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261028__20261028__dei--LegalEntityAxis__custom--S000069154Member_z6RFUhTH3li3">reflects no deduction for fees, expenses or taxes</span>)</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">17.88</span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">14.42</span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">15.39</span></td> <td><span style="font-size: 10pt">%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b> </b></p> 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 <p id="xdx_A8C_eoef--PerformanceTableClosingTextBlock_zpc6VwVp1P72" style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_90E_eoef--PerformanceTableUsesHighestFederalRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000069154Member_z3O6NraowAbg">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.</span> <span id="xdx_90B_eoef--PerformanceTableNotRelevantToTaxDeferred_c20261028__20261028__dei--LegalEntityAxis__custom--S000069154Member_z83Qlsd3bLK1">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.</span></p> 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. FUND SUMMARY – SIMPLIFY VOLATILITY PREMIUM ETF <p id="xdx_A85_eoef--ObjectivePrimaryTextBlock_zSSJhPJfNRX6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Investment Objective: </b>The Simplify Volatility Premium ETF (the “Fund” or “SVOL”) seeks to provide investment results, before fees and expenses, that correspond to approximately one-fifth to three-tenths the inverse (-0.2x to -0.3x) of the performance of a short-term volatility futures index while also seeking to mitigate extreme volatility.</p> <p id="xdx_A85_eoef--ExpenseNarrativeTextBlock_znxEoIT82cw4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Fees and Expenses of the Fund:</b> This table describes the fees and expenses that you may pay if you buy, sell, and hold shares of the Fund. <b>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.</b></p> <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zeM1zPTJLoKi"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5F_dU_z8LyFO1vSGah" 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="background-color: gainsboro"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top; width: 65%"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses<br/> </b>(expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_495_20261028__20261028__dei--LegalEntityAxis__custom--S000071794Member__oef--ClassAxis__custom--C000227300Member_zyJVmCymxuH9" style="border: black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zuliPFl5bdgg"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top"><span style="font-size: 10pt">Management Fees</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.50%</span></td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zun9NvUDMa2e"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top"><span style="font-size: 10pt">Distribution and Service (12b-1) Fees</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zWFPkqxCh57i"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top"><span style="font-size: 10pt">Other Expenses<sup id="xdx_F4E_zn6gzbtynN46">(1)</sup></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.19%</span></td></tr> <tr id="xdx_40A_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zCOM58cj72hh"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top"><span style="font-size: 10pt">Acquired Fund Fees and Expenses<sup id="xdx_F4D_zv2WQblkUm91">(2)</sup></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.09%</span></td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zHT3a8pdWR2d"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top"><span style="font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.78%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <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; text-align: justify"> <td id="xdx_F08_zD6vlEYok3Ea" style="width: 0.25in; text-align: left">(1)</td> <td id="xdx_F10_zZUCyB68TJk6" style="text-align: justify"> Other Expenses include interest expenses of 0.11%.</td> </tr> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F0C_zLZbBV0tHGN6" style="text-align: left">(2)</td> <td id="xdx_F16_zptwVgwuamTg" style="text-align: justify"> <span id="xdx_90F_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20261028__20261028__dei--LegalEntityAxis__custom--S000071794Member_zGsrYadi5GDj"> 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.</span></td></tr> </table> 0.0050 0.0000 0.0019 0.0009 0.0078 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. <p id="xdx_A8B_eoef--ExpenseExampleNarrativeTextBlock_zpgCQLYAxtR1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b><i>Example:</i></b><i> </i>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">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. <span id="xdx_907_eoef--ExpenseExampleByYearCaption_c20261028__20261028__dei--LegalEntityAxis__custom--S000071794Member_zGlJIJUEGz9l">Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span></p> Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zPJKOn2z6Ryg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zVpgXqZDMHda" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom; background-color: gainsboro"> <td id="xdx_484_eoef--ExpenseExampleYear01_zvLXyDeM07Ld" style="border-bottom: black 1pt solid; width: 12%; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_48B_eoef--ExpenseExampleYear03_zLstrT8vNg8d" style="border-bottom: black 1pt solid; width: 13%; text-align: center"><span style="font-size: 10pt"><b>3 Years</b></span></td> <td id="xdx_489_eoef--ExpenseExampleYear05_zuafIx0k3sn9" style="border-bottom: black 1pt solid; width: 13%; text-align: center"><span style="font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_48F_eoef--ExpenseExampleYear10_z1R2taHRT337" style="border-bottom: black 1pt solid; width: 12%; text-align: center"><span style="font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_41E_20261028__20261028__dei--LegalEntityAxis__custom--S000071794Member__oef--ClassAxis__custom--C000227300Member_zl6E0yc0JX43" style="vertical-align: top"> <td style="text-align: center"><span style="font-size: 10pt">$80</span></td> <td style="text-align: center"><span style="font-size: 10pt">$249</span></td> <td style="text-align: center"><span style="font-size: 10pt">$433</span></td> <td style="text-align: center"><span style="font-size: 10pt">$966</span></td></tr> </table> 80 249 433 966 <p id="xdx_A8A_eoef--PortfolioTurnoverTextBlock_zStOKSYiK8qb" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b><i>Portfolio Turnover: </i></b>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 <span id="xdx_908_eoef--PortfolioTurnoverRate_dp_c20261028__20261028__dei--LegalEntityAxis__custom--S000071794Member_zJKtsKhxhooc">31%</span> of the average of its portfolio.</p> 0.31 <p id="xdx_A88_eoef--StrategyNarrativeTextBlock_z5ompPZdPjb4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Principal Investment Strategies:</b> The Fund is an actively managed exchange-traded fund (“ETF”) that seeks daily investment results, before fees and expenses, that correspond to approximately one-fifth to three-tenths the inverse (-0.2x to -0.3x) of the performance of a short-term volatility futures index (the “Index”) for a single day, not for any other period. In pursuing its investment objective, the Fund primarily purchases or sells futures contracts, call options, and put options on VIX futures. The Fund may also pursue its objective by investing in other ETFs, including affiliated ETFs. The Fund holds cash, cash-like instruments or high-quality fixed income securities (collectively, “Collateral”). The Collateral may consist of income-producing (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds (including affiliated money market ETFs); (3) fixed income ETFs; (4) collateralized repurchase agreements; and/or (5) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by companies that are rated investment grade or of comparable quality. The Fund seeks to engage in reverse repurchase agreements and use the proceeds for investment purposes. Reverse repurchase agreements are contracts in which a seller of securities, for example, U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price. Reverse repurchase agreements are primarily used by the Fund as an indirect means of borrowing. The Fund also applies an option overlay strategy in seeking to mitigate against extreme volatility.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i><span style="text-decoration: underline">Option Overlay Strategy</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">Up to twenty percent of the Fund’s net assets will be subject to the Fund’s option overlay to mitigate against extreme volatility. Volatility is when a security experiences periods of unpredictable, and sometimes sharp, price movements. The option overlay strategy consists of purchasing exchange-traded and over-the-counter (“OTC”) put and call options on the Index or Index-linked exchange traded products. When the Fund purchases a call option, the Fund has the right, but not the obligation, to buy a stock or other asset at a specified price (strike price) within a specific time period. When the Fund purchases a put option, the Fund has the right, but not the obligation, to sell a stock or other asset at a specified price (strike price) within a specific time period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The option overlay is a strategic, persistent exposure meant to hedge against market moves and to add convexity to the Fund. If the market goes up, the Fund’s returns may outperform the market because the Adviser will sell or exercise the call options. If the market goes down, the Fund’s returns may fall less than the market because the Adviser will sell or exercise the put options. 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, and 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 if 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. While the option overlay is intended to improve the Fund’s performance, there is no guarantee that it will do so.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The Fund’s returns are intended to possess convexity because the relationship between the Fund’s returns and market returns is not designed to be linear. That is, if market returns go up and down in a linear fashion, the Fund’s returns are expected to rise faster than the market in positive markets; while declining less than the market in negative markets. The value of the Fund’s call options is expected to rise in proportion to the rise in value of the underlying assets, but the amount by which the Fund’s options increase or decrease in value depends on how far the market has moved from the time the options position was initiated. The value of the Fund’s call options is expected to rise faster than the market if the Adviser successfully selects options that appreciate in value. The value of the Fund’s put options are expected to decrease in proportion to the decrease in the value of the underlying assets, but the amount by which the Fund’s put options decrease in value depends on how far the market has moved since from the time the position was initiated.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The return of the Fund for a period longer than a single day is the result of its return for each day compounded over the period and usually will differ in amount and possibly even direction from the Fund’s stated multiple times the return of the Index for the same period. These differences can be significant. Daily compounding of the investment return of the Fund can dramatically and adversely affect its longer-term performance, especially during periods of high volatility. Volatility has a negative impact on the Fund’s performance and the volatility of the Index may be at least as important to the returns of the Fund as the return of the Index. A “single day” is measured from the time the Fund calculates its net asset value (“NAV”) to the time of the Fund’s next NAV calculation. The NAV calculation time for the Fund typically is 4:00 p.m. (Eastern Time).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The Index is a non-investable index that measures the implied volatility of the S&amp;P 500. For these purposes, “implied volatility” is a measure of the expected volatility (i.e., the rate and magnitude of variations in performance) of the S&amp;P 500 over the next 30 days. The Index does not represent the actual volatility of the S&amp;P 500. The Index is calculated based on the prices of a constantly changing portfolio of S&amp;P 500 put and call options.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The Fund may engage in daily rebalancing to position its portfolio so that its exposure to the Index is consistent with its daily investment objective (-0.2x to -0.3x). The impact of changes to the value of the Index each day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the level of the Index has risen on a given day, net assets of the Fund should fall (assuming there were no Creation Units issued). As a result, inverse exposure may need to be decreased. Conversely, if the level of the Index has fallen on a given day, net assets of the Fund should rise (assuming there were no Creation Unit redemptions). As a result, inverse exposure may need to be increased. The time and manner in which the Fund rebalances its portfolio may vary from day to day depending upon market conditions and other circumstances at the discretion of the Adviser.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><span id="xdx_905_eoef--StrategyPortfolioConcentration_c20261028__20261028__dei--LegalEntityAxis__custom--S000071794Member_z5AVXyIQuWO6">The Fund invests in certain futures markets (such as VIX futures) indirectly by investing up to 25% of its total assets (measured at the time of investment) in a wholly-owned and controlled subsidiary.</span> These investments are designed to enhance the ability of the Fund to obtain exposure to the futures market consistent with the limits of the U.S. federal tax law requirements applicable to registered investment companies. The returns from the investments in the Fund’s subsidiary are income to the Fund and the shareholders. Unlike the Fund, the Subsidiary may invest without limitation indirectly in certain futures-linked derivatives investments, however, the Subsidiary will comply with the same Investment Company Act of 1940 asset coverage requirements, when viewed on a consolidated basis with the Fund, with respect to its investments in derivatives.</p> The Fund invests in certain futures markets (such as VIX futures) indirectly by investing up to 25% of its total assets (measured at the time of investment) in a wholly-owned and controlled subsidiary. <p id="xdx_A80_eoef--RiskTextBlock_zCeVhBwO1f4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Principal Investment Risks:</b> <span id="xdx_906_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000071794Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zRslR9Uv0khb"><i>As with all funds, there is the risk that you could lose money through your investment in the Fund.</i></span><i> Many factors affect the Fund’s NAV and price of shares and performance</i>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The following describes the principal risks the Fund bears with respect to its investments. <span id="xdx_90A_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000071794Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zkCLGRs7enJe">As with any fund, there is no guarantee that the Fund will achieve its goal.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <i>As with all funds, there is the risk that you could lose money through your investment in the Fund.</i> As with any fund, there is no guarantee that the Fund will achieve its goal. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--VixFuturesRiskMember_zP4G3vgPefof" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>VIX Futures Risk</i>. VIX futures contracts can be highly volatile and the Fund may experience sudden and large losses when buying, selling or holding such instruments; you can lose all or a portion of your investment within a single day. Investments linked to equity market volatility, including VIX futures contracts, can be highly volatile and may experience sudden, large and unexpected losses. VIX futures contracts are unlike traditional futures contracts and are not based on a tradable reference asset. The Index is not directly investable, and the settlement price of a VIX futures contract is based on the calculation that determines the level of the VIX. As a result, the behaviour of a VIX futures contract may be different from a traditional futures contract whose settlement price is based on a specific tradable asset and may differ from an investor’s expectations. The market for VIX futures contracts may fluctuate widely based on a variety of factors including changes in overall market movements, political and economic events and policies, wars, acts of terrorism, natural disasters (including disease, epidemics and pandemics), changes in interest rates or inflation rates. High volatility may have an adverse impact on the performance of the Fund. An investor in any of the Fund could potentially lose the full principal of his or her investment within a single day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--DailyRebalancingRiskMember_zCUtBLhLEqEb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Daily Rebalancing Risk</i>. The daily rebalancing of the futures contracts underlying the Index may impact trading in such futures contracts. For example, such trading may cause futures commission merchants to adjust their hedges. The trading activity associated with such transactions will contribute to the existing trading volume of the underlying futures contracts and may adversely affect the market price of such underlying futures contracts and in turn the level of the Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShorttermInvestmentRiskMember_zdQVfrAYT74l" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Short-Term Investment Risk</i>. Investors holding shares of the Fund over longer-term periods may be subject to increased risk of loss. The Fund is intended to be used only for short-term investment horizons. An investor in the Fund can lose all or a substantial portion of his or her investment within a single day. The longer an investor’s holding period in the Fund, the greater the potential for loss.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zXuZtRGp37e3" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Active Management Risk</i>. 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--AffiliatedETFConflictofInterestRisksMember_z95nhSZApKYa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Affiliated ETF Conflict of Interest Risk.</i> Because the Fund may invest in affiliated ETFs, the Adviser is subject to conflicts of interest in allocating the Fund’s assets to an 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--BorrowingRiskMember_zpQwrNFIhy6d" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Borrowing Risk</i>. The Fund may borrow for investment purposes indirectly using reverse repurchase agreements. The cost of borrowing may reduce the Fund’s return. Borrowing may cause the Fund to liquidate positions under adverse market conditions to satisfy its repayment obligations. Borrowing increases the risk of loss and may increase the volatility of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashOrCashEquivalentsRiskMember_zc1SuXIH4FX7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Cash or Cash Equivalents Risk</i>. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--AffiliatedMoneyMarketETFConflictOfInterestRiskMember_zUYtqqqRN4q9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Affiliated Money Market ETF Conflict of Interest Risk.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompoundingRiskMember_zw5IwtndhPPl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Compounding Risk</i>. The return of the Fund for a period longer than a single day is the result of its return for each day compounded over the period and usually will differ in amount and possibly even direction from the Fund’s stated multiple times the return of the Index for the same period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_z0nqftqEdLtd" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Counterparty Risk.</i> Counterparty risk is the risk that a counterparty to a financial instrument held by the Fund or by a special purpose or structured vehicle invested in by the Fund may become insolvent or otherwise fail to perform its obligations, and the Fund may obtain no or limited recovery of its investment, and any recovery may be significantly delayed. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zEq5QOVwzrQ2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Derivatives Risk</i>. 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 fulfil 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zgT0DHOEc3xf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Early Close/Trading Halt Risk</i>. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfStructureRisksMember_z4AHKxfuVVL8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>ETF Structure Risks</i>: The Fund is structured as an ETF and will invest in underlying ETFs. As a result, the Fund is subject to special risks, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Not Individually Redeemable</i>. 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Trading Issues</i>. 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Market Price Variance Risk</i>. 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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 for 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Authorized Participant Risk</i>. 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_ziRKCEXtydog" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Fixed Income Securities Risk</i>. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--InverseCorrelationRiskMember_zwo2ztY6yYI4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Inverse Correlation Risk</i>. Investors will lose money when the Index rises a result that is the opposite from traditional funds.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zuVmorxQUIk9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Leverage Risk</i>. The use of leverage by the Fund, such as borrowing money to purchase securities or the use of options, will cause the Fund to incur additional expenses and magnify the Fund’s gains or losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zByP8IQvlSs7" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Market and Geopolitical Risk</i>. 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 and wars, 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionRiskMember_zEkNm6CVd1Rk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Option Risk</i>. As the buyer of a put or call option, the Fund risks losing the entire premium invested in the option if the Fund does not exercise the option.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--OverthecounterMarketRiskMember_zNL1QHBC1Vqb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Over-the-Counter Market Risk</i>. 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ReverseRepurchaseAgreementRiskMember_zrIxxvfy5mFf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Reverse Repurchase Agreement Risk.</i> Reverse repurchase agreements involve the sale of securities held by the Fund with an agreement to repurchase the securities at an agreed-upon price, date and interest payment, and involve the risk that the other party may fail to return the securities in a timely manner, or at all, resulting in losses to the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TurnoverRateRiskMember_zf55xrPOIm68" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Turnover Rate Risk.</i> The Fund may have portfolio turnover rates significantly in excess of 100%. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund’s performance and may produce increased taxable distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundRiskETFMember_zPdMaJuCyRib" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><i>Underlying Fund Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--VolatilityRiskMember_zN2atPrKFrn5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Volatility Risk</i>. Significant short-term price movements could adversely impact the performance of the Fund. Market conditions in which significant price movements develop, but then repeatedly reverse, could cause substantial losses due to prices moving against the Fund’s long or short positions (which are based on prior trends). The performance of the Fund is based in part on the prices of one or more of the VIX Futures in which the Fund invests. Each of the equity securities held by the Fund and the VIX Futures are affected by a variety of factors and may change unpredictably, affecting the value of such equity securities and VIX Futures and, consequently, the value and the market price of the Fund’s Shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--WhollyownedSubsidiaryRiskMember_zbV1qBkiA5Nh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Wholly-Owned Subsidiary Risk</i>. Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or Subsidiary to operate as described in this Prospectus and could negatively affect the Fund and its shareholders. Your cost of investing in the Fund will be higher because you indirectly bear the expenses of the Subsidiary.</p> <p id="xdx_A85_eoef--PerformanceNarrativeTextBlock_z7lyXyigTv51" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Performance: </b><span id="xdx_90C_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20261028__20261028__dei--LegalEntityAxis__custom--S000071794Member_zoRHecOIlRs7">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.</span> <span id="xdx_902_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000071794Member_zq6NdSW41r8l">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information is available at no cost by visiting <span id="xdx_904_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000071794Member_zWuicHLoNO5i"><span style="text-decoration: underline">www.simplify.us/etfs</span></span> or by calling <span id="xdx_90D_eoef--PerformanceAvailabilityPhone_c20261028__20261028__dei--LegalEntityAxis__custom--S000071794Member_zZGmPFhIHMva">1 (855) 772-8488</span>.</p> 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 <p id="xdx_A86_eoef--BarChartTableTextBlock_zqt61A7ymMi6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><img alt="" src="pro-svol_001.jpg" style="height: 276px; width: 450px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_z5htTbeQlZSi" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; 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="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2022</td> <td id="xdx_984_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000227300Member_zZ1Iw3XOkJle" style="display: none; text-align: center; width: 50%">-4.57%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_983_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000227300Member_ze6xhehOnowc" style="display: none; text-align: center">23.05%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_984_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000227300Member_zXcDtPWINeQb" style="display: none; text-align: center">7.17%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_985_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000227300Member_z6P5LmHUEOb6" style="display: none; text-align: center">2.51%</td></tr> </table> -0.0457 0.2305 0.0717 0.0251 <p id="xdx_A8C_eoef--BarChartClosingTextBlock_z3ZqI7HfIs1i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify; text-indent: 0.5in">During the periods shown in the bar chart above, the Fund’s <span id="xdx_906_eoef--HighestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000071794Member_zNJljyDMbKKb">highest quarterly return</span> was <span id="xdx_908_eoef--BarChartHighestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000071794Member_zedB1MJIWON8">10.09%</span> (quarter ended <span id="xdx_904_eoef--BarChartHighestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000071794Member_zJIqpGBjzFH2">June 30, 2023</span>) and the Fund’s <span id="xdx_903_eoef--LowestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000071794Member_z2G05qZW0lH8">lowest quarterly return</span> was <span id="xdx_90F_eoef--BarChartLowestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000071794Member_zSm77am5XQGe">-9.21%</span> (quarter ended <span id="xdx_909_eoef--BarChartLowestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000071794Member_zkGroI7JDkAd">March 31, 2025</span>). The calendar <span id="xdx_907_eoef--YearToDateReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000071794Member_zYR37RPAuL41">year-to-date total return</span> of the Fund as of <span id="xdx_908_eoef--BarChartYearToDateReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000071794Member_zt81uh0kJT08">September 30, 2026</span> was <span id="xdx_904_eoef--BarChartYearToDateReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000071794Member_zahlSUmKK4y8">8.04%</span>.</p> highest quarterly return 0.1009 2023-06-30 lowest quarterly return -0.0921 2025-03-31 year-to-date total return 2026-09-30 0.0804 Average Annual Total Returns for the Periods Ended December 31, 2025 <div id="xdx_A8F_eoef--PerformanceTableTextBlock_zLp2U3XrD621"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr> <td style="padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: bottom"> </td> <td style="padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" id="xdx_49E_20250101__20251231_zyhRdC6PXE17" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td style="padding-bottom: 1pt; vertical-align: bottom"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20210512__20251231_zE7wRGHykVo3" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>Since <br/> Inception<br/> (<span id="xdx_906_eoef--PerfInceptionDate_c20261028__20261028__oef--ClassAxis__custom--C000227300Member_zHbwGZsaq7sb">5/12/21</span>)</b></span></td> <td style="padding-bottom: 1pt; vertical-align: bottom"> </td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000227300Member_zUva1Hfjc3Qj" style="background-color: gainsboro"> <td style="padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top; width: 76%"><span style="font-size: 10pt">Return Before Taxes</span></td> <td style="padding-bottom: 1pt; vertical-align: bottom; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 9%; text-align: right"><span style="font-size: 10pt">2.51</span></td> <td style="padding-bottom: 1pt; vertical-align: bottom; width: 1%"><span style="font-size: 10pt">%</span></td> <td style="padding-bottom: 1pt; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 9%; text-align: right"><span style="font-size: 10pt">8.74</span></td> <td style="padding-bottom: 1pt; vertical-align: bottom; width: 1%"><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000227300Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zO7TON7lDnVe" style="background-color: white"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-size: 10pt">Return After Taxes on Distributions</span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">-5.17</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">%</span></td> <td> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">2.72</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000227300Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zwF9vsC77Tue" style="background-color: gainsboro"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-size: 10pt">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">1.18</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">%</span></td> <td> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">4.08</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000227300Member__oef--PerformanceMeasureAxis__custom--SAndP500TRIndexReflectsNoDeductionForFeesExpensesOrTaxeMember_zVYBzCLHk7P5" style="background-color: white"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: top"><span style="font-size: 10pt">S&amp;P 500 TR Index (<span id="xdx_904_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261028__20261028__dei--LegalEntityAxis__custom--S000071794Member_z6v3Vth1RAg6">reflects no deduction for fees, expenses or taxes</span>)</span></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">17.88</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">%</span></td> <td> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right"><span style="font-size: 10pt">13.56</span></td> <td style="vertical-align: bottom"><span style="font-size: 10pt">%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 2021-05-12 0.0251 0.0874 -0.0517 0.0272 0.0118 0.0408 reflects no deduction for fees, expenses or taxes 0.1788 0.1356 <p id="xdx_A8E_eoef--PerformanceTableClosingTextBlock_zLH2niKazJck" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; text-indent: 0.5in; margin-bottom: 0pt"><span id="xdx_906_eoef--PerformanceTableUsesHighestFederalRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000071794Member_zHF6IpQrkMcc">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.</span> <span id="xdx_905_eoef--PerformanceTableNotRelevantToTaxDeferred_c20261028__20261028__dei--LegalEntityAxis__custom--S000071794Member_za0KwGjO4An8">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.</span></p> 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. FUND SUMMARY – SIMPLIFY GAMMA EMERGING MARKET BOND ETF <p id="xdx_A86_eoef--ObjectivePrimaryTextBlock_zyGruxJucQwc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Investment Objective: </b>The Simplify Gamma Emerging Market Bond ETF (the “Fund” or “GAEM”) seeks to maximize total return.</p> <p id="xdx_A81_eoef--ExpenseNarrativeTextBlock_zesXiNUbqYBk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fees and Expenses of the Fund: </b>This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table or example below.</b></p> <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zNAHsVIM01uj"></div> <table cellpadding="3" cellspacing="0" id="xdx_A50_dU_znHIMMLteEn2" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom"><b>Annual Fund Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_496_20261028__20261028__dei--LegalEntityAxis__custom--S000085697Member__oef--ClassAxis__custom--C000251041Member_zTX7djgfuBb4" style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom"> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zb684GtmEa8l" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">Management Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">0.95%</td> </tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zO7ETh6b4afj" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">Distribution and Service (12b-1) Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">0.00%</td> </tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zyyKrwphKVma" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">Other Expenses<sup id="xdx_F46_z6opVo3Wofb5">(1)</sup></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">0.01%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zsiFhn6RzW29" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; width: 65%">Total Annual Fund Operating Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center">0.96%</td> </tr> <tr id="xdx_403_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zf6Lc31NE91g" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">Fee Waiver<sup id="xdx_F40_zJdXYYniWa54">(2)</sup></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">(0.20)%</td></tr> <tr id="xdx_408_eoef--NetExpensesOverAssets_dpn_zSHNJxFB1a9" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">Total Annual Fund Operating Expenses After Fee Waiver</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.76%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto;width: 80%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="font-size: 10pt; text-align: justify"><span id="xdx_F02_zOI0PrhhWRk9">(1)</span></td> <td style="font-size: 10pt; text-align: justify"><span id="xdx_F1B_zhJXAghxdbs8"> Other Expenses includes interest expenses of 0.01%.</span></td></tr> <tr style="vertical-align: top"> <td style="font-size: 10pt; text-align: justify; width: 0.25in"><span id="xdx_F0F_zbjx8GaPxXXc" style="font-size: 10pt">(2)</span></td> <td style="font-size: 10pt; text-align: justify"><span id="xdx_F18_z0FFln6psLcl" style="font-size: 10pt"> The Fund’s adviser has contractually agreed, through at least <span id="xdx_909_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20261028__20261028__dei--LegalEntityAxis__custom--S000085697Member_zmS9ixA6WIFl">October 31, 2027</span>, to waive its management fee to 0.75% of the Fund’s average daily net assets. This agreement may be terminated only by the Trust’s Board of Trustees on 60 days’ written notice to the Fund’s adviser.</span></td></tr> </table> 0.0095 0.0000 0.0001 0.0096 -0.0020 0.0076 October 31, 2027 <p id="xdx_A83_eoef--ExpenseExampleNarrativeTextBlock_zTCSZypeYNRh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Example: </i></b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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. The Example further assumes that the Fund’s fee waiver agreement will only be in place for the term specified above. <span id="xdx_900_eoef--ExpenseExampleByYearCaption_c20261028__20261028__dei--LegalEntityAxis__custom--S000085697Member_zSC6y9KYtFlb">Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span></p> Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zwDVRDtTO8Ef"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zQXUr5PcDyuj" 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="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro"> <td id="xdx_486_eoef--ExpenseExampleYear01_zXpeKL8MoNU9" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; text-align: center"><b>1 Year</b></td> <td id="xdx_480_eoef--ExpenseExampleYear03_zJ2CogR6Gg52" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 13%; text-align: center"><b>3 Years</b></td> <td id="xdx_48B_eoef--ExpenseExampleYear05_zMDU0FekmYXh" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 13%"><b>5 Years</b></td> <td id="xdx_481_eoef--ExpenseExampleYear10_ztyrrdaO68Tk" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 12%"><b>10 Years</b></td></tr> <tr id="xdx_416_20261028__20261028__dei--LegalEntityAxis__custom--S000085697Member__oef--ClassAxis__custom--C000251041Member_z7vIuyqHvBH6" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center">$77</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center">$285</td> <td style="vertical-align: top; text-align: center">$510</td> <td style="vertical-align: top; text-align: center">$1,157</td></tr> </table> 77 285 510 1157 <p id="xdx_A8C_eoef--PortfolioTurnoverTextBlock_zdwoxdnT1ACe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b><i>Portfolio Turnover: </i></b>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 <span id="xdx_90C_eoef--PortfolioTurnoverRate_dp_c20261028__20261028__dei--LegalEntityAxis__custom--S000085697Member_zWgci3DHLXL3">95%</span> of the average value of its portfolio.</p> 0.95 Principal Investment Strategies: <p id="xdx_A81_eoef--StrategyNarrativeTextBlock_zeDnm0snInHd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an actively managed exchange-traded fund that seeks to achieve its investment objective by investing primarily in bonds issued by, or tied economically to, issuers in emerging markets, denominated in USD or local currency.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIEludmVzdG1lbnQgU3RyYXRlZ3kA" id="xdx_908_efnd--NmRule35d1EightyPctInvstmntPlcyTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000085697Member_zjwvpbab6Eyl">The Fund has adopted a non-fundamental investment policy that, under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in debt securities of issuers in emerging markets.</span> Debt securities include bonds issued by governments, their agencies or instrumentalities, multilateral organizations such as World Bank (as defined below), and corporations. It is expected that the emerging markets in which the Fund will invest will include, among others, Latin America and the Caribbean. The Fund considers an emerging market country to include any country that is (1) generally recognized to be an emerging market country by International Bank for Reconstruction and Development (commonly known as “the World Bank”); (2) classified by the United Nations as a developing country; or (3) included in the MSCI Emerging Markets Index. The Fund’s sub-adviser determines that an investment is tied economically to an emerging market if such investment satisfies one or more of the following conditions: (1) the issuer’s primary trading market is in an emerging market; (2) the issuer is organized under the laws of, derives at least 50% of its revenues from, or has at least 50% of its assets in emerging markets; and (3) the investment is included in the MSCI Markets Index or the JP Morgan Emerging Market Bond Index. The Fund also may invest in non-emerging market debt securities. The Fund may hedge its non-dollar investments back to the U.S. dollar through the use of derivatives, including futures, but has the ability to invest in bonds denominated in a local currency on an unhedged basis.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The Fund may invest in high yield securities, also known as junk bonds. The Fund defines junk bonds as those rated below Baa3 by Moody’s Investors Service or below BBB- by Standard and Poor’s Rating Group, or, if unrated, determined by the Adviser to be of similar credit quality.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>The Sub-Adviser takes an opportunistic, tactical approach in selecting investments for the Fund. The Fund’s investments are not limited to securities of a particular maturity range, duration or credit rating. The Sub-Adviser applies a top-down macroeconomic analysis in selecting potential emerging market countries and a bottom-up analysis on specific corporate issuers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund also may invest up to 20% of its portfolio in derivatives such as emerging market credit default swaps (CDS), indices of CDS (CDX) and single-name CDS; foreign exchange (FX) instruments such as foreign currency forward contracts, foreign currency swaps and foreign currency futures contracts. In a CDS, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party on its debt obligation or an index of debt obligations. CDX are designed to track a representative segment of the CDS market (in this case, emerging markets) and provide exposure to specific “baskets” of issuers of debt instruments. CDX can provide the same investment exposure as entering into an individual CDS except with more diversification. Investments in CDS, CDX and FX instruments may be made for hedging, investment and other portfolio management purposes. FX instruments will be utilized for exposure to emerging market countries’ currencies, either long or short.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund expects to use these instruments to enhance portfolio flexibility and help achieve its investment objective of income and capital appreciation. Specifically, CDS and CDX may be used to gain or hedge exposure to the creditworthiness of emerging market issuers, while FX instruments may be used to hedge currency risk or express views on emerging market currencies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When using certain derivatives, the Fund is required to post collateral to assure its performance to the counterparty. The Fund will hold cash and cash-like instruments (including affiliated money market ETFs) or high-quality short term fixed income securities. The Fund may also invest in reverse repurchase agreements and use the proceeds for investment purposes. Reverse repurchase agreements are contracts in which a seller of securities, for example, U.S. government securities, agrees to buy the securities back at a specified time and price. Reverse repurchase agreements are primarily used by the Fund as an indirect means of borrowing. When the Fund earns more on its additional investments than the interest cost related to the reverse repurchase agreement, it generates additional income.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s 80% policy may be changed by the Board of Trustees upon 60 days’ written notice to shareholders.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended, which means that the Fund may invest a higher percentage of its assets in a fewer number of issuers than is permissible for a “diversified” fund.</span></p> The Fund has adopted a non-fundamental investment policy that, under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in debt securities of issuers in emerging markets. <p id="xdx_A8C_eoef--RiskTextBlock_zmroqT6gSGEj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Principal Investment Risks: </b><i><span id="xdx_906_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000085697Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zLHlzXFuV5id">As with all funds, there is the risk that you could lose money through your investment in the Fund.</span> Many factors affect the Fund’s net asset value and price of shares and performance.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following describes the principal risks the Fund bears with respect to its investments. <span id="xdx_90C_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000085697Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zENiAHNSICNg">As with any fund, there is no guarantee that the Fund will achieve its goal.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 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. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zhgBhgaCmaQ1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Fixed Income Securities Risk. </i>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zmqDaMpVcpCf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Emerging Markets Risk.</i> Investing in emerging markets involves not only the risks associated with investments in foreign securities in general, but also other risks, including exposure to economic structures that are generally less diverse and mature, limited availability and reliability of information material to an investment decision, and exposure to political systems that can be expected to have less stability than those of developed countries. The market for the securities of issuers in emerging markets typically is small, and a low or nonexistent trading volume in those securities may result in a lack of liquidity and price volatility.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LatinAmericaRiskMember_zBYDjfn9zro6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Latin America Risk. </i>The economies of Latin American countries have in the past experienced considerable difficulties, including high inflation rates, high interest rates, high unemployment, government overspending and political instability. International economic conditions, particularly those in the United States, Europe and Asia, as well as world prices for oil and other commodities may also influence the development of Latin American economies. Many Latin American countries are highly reliant on the exportation of commodities and their economies may be significantly impacted by fluctuations in commodity prices and the global demand for certain commodities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zquZRyzKqi09" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Active Management Risk. </i>The Fund is subject to the risk that its investment management strategy may not produce the intended results and may negatively impact Fund performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyAndCreditRiskMember_ze9fJWDabsoe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Counterparty and Credit Risk. </i>The Fund may be exposed to losses if the counterparty to a financial instrument held by the Fund is unable, unwilling, or is perceived (by market participants, ratings agencies or otherwise as unable or unwilling, or otherwise) as unable or unwilling, or otherwise fails to perform its obligations. Counterparty risk may arise because of market activities and developments, the counterparty’s financial condition (including financial difficulties, bankruptcy, or insolvency), or other reasons. The Fund may obtain no or limited recovery of its investment, and any recovery may be significantly delayed.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditDefaultSwapsRiskMember_zsmCqUSxcdY6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Credit Default Swaps Risk.</i> CDS are typically two-party financial contracts that transfer credit exposure between the two parties. Under a typical CDS, one party (the “seller”) receives pre-determined periodic payments from the other party (the “buyer”). The seller agrees to make compensating specific payments to the buyer if a negative credit event occurs, such as the bankruptcy or default by the issuer of the underlying debt instrument. The use of CDS involves investment techniques and risks different from those associated with ordinary portfolio security transactions, such as potentially heightened counterparty, concentration and exposure risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CdxIndicesRiskMember_zSyMZuhMeGwl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>CDX Indices Risk.</i> CDX are benchmark indices made up of credit default swaps. The CDX in which the Fund will invest are issued by emerging market companies. The value of a CDX index will fluctuate in response to changes in the perceived creditworthiness or default experience of the basket of issuers to which the CDX provides exposure. CDX are susceptible to credit risk, counterparty risk, and other risks associated with CDS.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zILV5EajTNkb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Derivatives Risk. </i>The Fund’s 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zWbtGjKk3o78" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Early Close/Trading Halt Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfStructureRiskMember_zn8nRbLQvZzc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>ETF Structure Risk.</i> The Fund is structured as an ETF. As a result, the Fund is subject to special risks, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in"><i>Not Individually Redeemable.</i> The Fund’s shares (“Shares”) are not redeemable by retail investors and may be redeemed only by 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in"><i>Trading Issues</i>. Trading in Shares on 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in"><i>Market Price Variance Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in">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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in">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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in">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 hares and the Fund’s NAV.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="text-align: justify; width: 0.25in"></td> <td style="width: 0.25in; text-align: justify">●</td> <td style="text-align: justify"><i>Closure of Underlying Securities Market</i>. To the extent that all or a portion of the Fund’s underlying securities trade in a market that is closed when the market in which the Fund’s shares are listed and trading in that market is open, there may be changes between the last quote from the closed foreign market and the value of such security during the Fund’s domestic trading day. In turn, this could lead to differences between the market price of the Fund’s shares and the underlying value of its shares.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in"><i>Authorized Participant Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zU3EYu70Bvai" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Foreign Investment Risk: </i>The Fund may invest in securities domiciled in countries outside the U.S. that may experience more rapid and extreme changes in value that a fund that invests exclusively in securities of U.S. companies. These investments may be subject to additional risks, including political and economic risks, less government regulation and supervision of foreign stock exchanges, brokers and listed companies, civil conflicts and war, greater volatility, expropriation and nationalization risks, currency fluctuations, higher transaction costs, delayed transaction settlement, foreign ownership limits, foreign withholding taxes, difficulties in obtaining legal judgements, repatriation of capital, and less stringent investor protection, disclosure, and accounting standards than those of U.S. market.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_zY1ebqOkJ6l8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Foreign Currency Risk: </i>The Fund holds investments that provide exposure to non-U.S. currencies, currency exchange rates or interest rates denominated in such currencies. Changes in currency exchange rates, the relative value of non-U.S. currencies will affect the value of the Fund’s investments and the value of Fund shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and your investment in the Fund may experience losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForwardContractsRiskMember_zdRmLccPj89k" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Forward Contracts Risk. </i>A decision as to whether, when, and how to use forward contracts involves the exercise of skill and judgment and even a well-conceived forward contract transaction may be unsuccessful because of market behavior or unexpected events. The primary risks associated with the use of forward contracts, which may adversely affect the Fund’s net asset value (“NAV”) and total return, are (i) possible lack of a liquid secondary market for a forward contract and the resulting inability to close a forward contract when desired; (ii) losses caused by unanticipated market movements, which are potentially unlimited; (iii) incorrect predictions of the direction of currency exchange rates and other economic factors; (iv) the possibility that the counterparty will default in the performance of its obligations; and (v) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: blue"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesContractRiskMember_zKfjnJ4m2Tc1" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i>Futures Contract Risk.</i> The primary risks associated with the use of futures contracts are (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures contract; (b) possible lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) investments in futures contracts involve leverage, which means a small percentage of assets in futures can have a disproportionately large impact on the Fund and the Fund can lose more than the principal amount invested; (d) losses caused by unanticipated market movements, which are potentially unlimited; (e) the Adviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (f) the possibility that the counterparty will default in the performance of its obligations; and (g) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryRiskMember_z4T1OwCGFii" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Limited History Risk</i>. The Fund is relatively new and has a limited history of operations for investors to evaluate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zXtjp1rC3oml" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><i>Market and Geopolitical Risk</i>. 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, natural disasters, pandemics, epidemics, terrorism, tariffs and trade wars, international conflicts and wars, 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. The novel coronavirus (COVID-19) global pandemic and the aggressive responses taken by many governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines or similar restrictions, as well as the forced or voluntary closure of, or operational changes to, many retail and other businesses had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_zkZS8JjiuO7b" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Non-Diversification Risk</i>. <span id="xdx_902_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000085697Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zztzSxjQHmuh">The Fund’s portfolio may focus on a limited number of investments and will be subject to more potential for volatility than a diversified fund</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> The Fund’s portfolio may focus on a limited number of investments and will be subject to more potential for volatility than a diversified fund <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--AffiliatedMoneyMarketETFConflictOfInterestRiskMember_zXOltznc78p9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><i>Affiliated Money Market ETF Conflict of Interest Risk</i>. 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.</p> <p id="xdx_A88_eoef--PerformanceNarrativeTextBlock_zMYQNshhXJt2" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Performance: </b><span id="xdx_90D_eoef--PerformanceOneYearOrLess_c20261028__20261028__dei--LegalEntityAxis__custom--S000085697Member_zJD8Ha9qRNb">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.</span> <span id="xdx_90A_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000085697Member_zHpzl0R7kDQ9">The table shows how the Fund’s average annual total returns compare to those of a broad-based securities market index and an additional index. The additional index, J.P. Morgan EMBI Global Diversified Composite Index tracks liquid, US dollar emerging market fixed and floating-rate debt instruments issued by sovereign and quasi-sovereign entities.</span> 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 <span id="xdx_906_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000085697Member_zkJkT3412WMh"><span style="text-decoration: underline">www.simplify.us/etfs</span></span> or by calling <span id="xdx_90E_eoef--PerformanceAvailabilityPhone_c20261028__20261028__dei--LegalEntityAxis__custom--S000085697Member_zScCniHF1XGb">1 (855) 772-8488</span>.</p> 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 and an additional index. The additional index, J.P. Morgan EMBI Global Diversified Composite Index tracks liquid, US dollar emerging market fixed and floating-rate debt instruments issued by sovereign and quasi-sovereign entities. www.simplify.us/etfs 1 (855) 772-8488 <p id="xdx_A86_eoef--BarChartTableTextBlock_zwRDKbjImtQk" style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img alt="" src="pro-gaem_001.jpg" style="height: 270px; width: 450px"/></span></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zqifhBMBw0fk" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2025</td> <td id="xdx_988_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000251041Member_zvghbQVuCA21" style="display: none; width: 50%">12.80%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.1280 <p id="xdx_A8A_eoef--BarChartClosingTextBlock_zoj4hKKGejm9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the periods shown in the bar chart above, the Fund’s <span id="xdx_901_eoef--HighestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000085697Member_zdbclJO51VEa">highest quarterly return</span> was <span id="xdx_90D_eoef--BarChartHighestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000085697Member_zNtlXxNpo97f">4.71%</span> (quarter ended <span id="xdx_90B_eoef--BarChartHighestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000085697Member_zXQOggZn8WLf">September 30, 2025</span>) and the Fund’s <span id="xdx_90B_eoef--LowestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000085697Member_zvOffkHmTR9j">lowest quarterly return</span> was <span id="xdx_900_eoef--BarChartLowestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000085697Member_zVClzMypi461">1.84%</span> (quarter ended <span id="xdx_90B_eoef--BarChartLowestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000085697Member_zNfcCqBKKt3b">March 31, 2025</span>). The calendar <span id="xdx_905_eoef--YearToDateReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000085697Member_zQdSoyLTwih1">year-to-date total return</span> of the Fund as of <span id="xdx_90F_eoef--BarChartYearToDateReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000085697Member_zXLKW1Rt7tPl">September 30, 2026</span> was <span id="xdx_903_eoef--BarChartYearToDateReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000085697Member_zReDViJE1ke3">0.89%</span>.</span></p> highest quarterly return 0.0471 2025-09-30 lowest quarterly return 0.0184 2025-03-31 year-to-date total return 2026-09-30 0.0089 Average Annual Total Returns for the Periods Ended December 31, 2025 <div id="xdx_A81_eoef--PerformanceTableTextBlock_zQUgFZfwoZOh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_z1fZRsAsJuQl" 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="padding-bottom: 1pt; vertical-align: bottom; text-align: center"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" id="xdx_49E_20250101__20251231_zAcn9onS5vs9" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">1 Year</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" id="xdx_496_20240812__20251231_z9KOfI3V3pia" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Since<br/> Inception<br/> (<span id="xdx_909_eoef--PerfInceptionDate_c20261028__20261028__oef--ClassAxis__custom--C000251041Member_zPH40A4ybUF3">8/12/24</span>)</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000251041Member_zuAWT1tiQr4" style="vertical-align: bottom; background-color: Gainsboro"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left; padding-bottom: 1pt">Return Before Taxes</td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 9%; text-align: right">12.80</td> <td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td> <td style="width: 1%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 9%; text-align: right">12.17</td> <td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000251041Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zrkMRYNpcsy1" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">10.14</td> <td style="padding-bottom: 1pt; text-align: left">%</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">9.07</td> <td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000251041Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zhg8ya9w241e" style="vertical-align: bottom; background-color: Gainsboro"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">7.50</td> <td style="padding-bottom: 1pt; text-align: left">%</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">7.92</td> <td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000251041Member__oef--PerformanceMeasureAxis__custom--JPMorganEMBIGlobalCoreIndexUSDReflectsNoDeductionForFeesExpensesOrTaxesMember_zAxBKA9lLwW8" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">J.P. Morgan EMBI Global Core Index (USD) (<span id="xdx_90B_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261028__20261028__dei--LegalEntityAxis__custom--S000085697Member_z53L7ttxWIh6">reflects no deduction for fees, expenses or taxes)</span></td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">13.90 </td> <td style="padding-bottom: 1pt; text-align: left">%</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">10.93</td> <td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000251041Member__oef--PerformanceMeasureAxis__custom--JPMorganEMBIGlobalDiversifiedCompositeIndex081224ReflectsNoDeductionForFeesExpensesOrTaxesMember_z88JIMgmflTc" style="vertical-align: bottom; background-color: Gainsboro"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">J.P. Morgan EMBI Global Diversified Composite Index – 081224 (reflects no deduction for fees, expenses or taxes)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">14.35</td> <td style="padding-bottom: 1pt; text-align: left">%</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">11.36</td> <td style="padding-bottom: 1pt; text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 2024-08-12 0.1280 0.1217 0.1014 0.0907 0.0750 0.0792 reflects no deduction for fees, expenses or taxes) 0.1390 0.1093 0.1435 0.1136 <p id="xdx_A89_eoef--PerformanceTableClosingTextBlock_zRvdFoozDko9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span id="xdx_901_eoef--PerformanceTableUsesHighestFederalRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000085697Member_z8Xa3Oqlar4a">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.</span> <span id="xdx_90E_eoef--PerformanceTableNotRelevantToTaxDeferred_c20261028__20261028__dei--LegalEntityAxis__custom--S000085697Member_zlAcmLZj7Dq8">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.</span></p> 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. FUND SUMMARY – SIMPLIFY Kayne Anderson Energy and Infrastructure Credit ETF <p id="xdx_A87_eoef--ObjectivePrimaryTextBlock_zaOlAPIvegj2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Investment Objective:</b> The Simplify Kayne Anderson Energy and Infrastructure Credit ETF (the “Fund” or “KNRG”) primarily seeks to maximize total return.</p> <p id="xdx_A8E_eoef--ExpenseNarrativeTextBlock_zVIHyguLjX76" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fees and Expenses of the Fund:</b> This table describes the fees and expenses that you may pay if you buy, sell, and hold shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table or examples below.</b></p> <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zeV65zjgmIn"></div> <table cellpadding="3" cellspacing="0" id="xdx_A52_dU_zzcuOI9upXi2" 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="background-color: Gainsboro; vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: left">Annual Fund Operating Expenses<br/><span style="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: normal">(expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_492_20261028__20261028__dei--LegalEntityAxis__custom--S000091848Member__oef--ClassAxis__custom--C000259668Member_zqIVERSWIWqj" style="border: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_z73CNVIZXrl9" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; width: 65%; text-align: left; padding-bottom: 1pt">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">0.75%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_z8Ei476bCMPk" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: left; padding-bottom: 1pt">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_406_eoef--OtherExpensesOverAssets_dpn_zWOhka9yT2ih" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: left; padding-bottom: 1pt">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_40F_eoef--ExpensesOverAssets_dpn_zg0nbETrFRma" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: left; padding-bottom: 1pt">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">0.75%</td></tr> </table> 0.0075 0.0000 0.0000 0.0075 <p id="xdx_A8B_eoef--ExpenseExampleNarrativeTextBlock_zLsHpDibhZSa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Example:</i></b> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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. <span id="xdx_90A_eoef--ExpenseExampleByYearCaption_c20261028__20261028__dei--LegalEntityAxis__custom--S000091848Member_za5gi24qJTA2">Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span></p> Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_zF8ikIoSC33a"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zv4ccEsSwHgd" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td id="xdx_485_eoef--ExpenseExampleYear01_zTgemhCpjDN9" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_48C_eoef--ExpenseExampleYear03_zbfSxkaltouj" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>3 Years</b></span></td> <td id="xdx_48E_eoef--ExpenseExampleYear05_zZqqtBotw6f6" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_486_eoef--ExpenseExampleYear10_zwfs7bWuPIEi" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_418_20261028__20261028__dei--LegalEntityAxis__custom--S000091848Member__oef--ClassAxis__custom--C000259668Member_zBgEvOHWrzE9" style="vertical-align: top"> <td style="width: 12%; text-align: center"><span style="font-size: 10pt">$77</span></td> <td style="width: 13%; text-align: center"><span style="font-size: 10pt">$240</span></td> <td style="width: 13%; text-align: center"><span style="font-size: 10pt">$417</span></td> <td style="width: 12%; text-align: center"><span style="font-size: 10pt">$930</span></td></tr> </table> 77 240 417 930 <p id="xdx_A8F_eoef--PortfolioTurnoverTextBlock_zFapCjd8jBp" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b><i>Portfolio Turnover:</i></b> 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 <span id="xdx_904_eoef--PortfolioTurnoverRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000091848Member_zKIH1oKImRgk">101%</span> of the average value of its portfolio.</p> 1.01 Principal Investment Strategies: <p id="xdx_A89_eoef--StrategyNarrativeTextBlock_z9THG8otiPX3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an actively managed exchange-traded fund (“ETF”). The Fund’s investment adviser, Simplify Asset Management Inc. (the “Adviser”), collaborates with the Fund’s sub-adviser, Kayne Anderson Capital Advisors, L.P. (the “Sub-Adviser”), to seek to achieve the Fund’s investment objective. The Sub-Adviser employs an opportunistic strategy that focuses on relative value among credit instruments of energy and infrastructure companies. The Adviser may employ a hedging strategy using derivatives.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIEludmVzdG1lbnQgU3RyYXRlZ3kA" id="xdx_90D_efnd--NmRule35d1EightyPctInvstmntPlcyTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000091848Member_zeLrJGAIqFVj">Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in credit instruments issued by energy companies and infrastructure companies. The Fund defines credit instruments as: (i) debt, (ii) bonds, (iii) notes, (iv) loans, (v) loan participations, (vi) credit facility commitments, (vii) preferred shares, (viii) hybrid securities, and (ix) derivatives linked to the preceding instruments. Hybrid securities are those with a conversion feature such a convertible bond that may be converted to common stock.</span> Credit instruments maybe secured, senior, subordinated, callable, and/or convertible. The Fund defines energy companies as those deriving a majority of their revenue or profits from; or having a majority of their assets in energy-related endeavors such as the (A) production, (B) generation, (C) development, (D) transmission, (E) storage, (F) refining/processing, or (G) sale of: (i) oil, (ii) natural gas (including liquified natural gas, or LNG), (iii) natural gas liquids, (iv) refined petroleum products, (v) coal, (vi) biofuels, (vii) hydrogen, (viii) hydro power, (ix) solar power, (x) wind power, (xi) geothermal power, as well as (xii) electricity generation by other means. The Fund defines infrastructure companies as those deriving a majority of their revenue or profits from; or having a majority of their assets in infrastructure-related endeavors related to (A) transportation assets: (i) toll roads, (ii) bridges, (iii) tunnels, (iv) parking facilities, (v) railroads, (vi) rapid transit links, (vii) airports, (viii) refueling facilities, and (ix) seaports; (B) utility assets: (i) electric transmission and distribution lines, (ii) power generation facilities, (iii) gas and water distribution facilities, (iv) waste collection, (v) broadcast and wireless towers, (vi) energy infrastructure assets, and (vii) cable and satellite networks. <span id="xdx_90C_eoef--StrategyPortfolioConcentration_c20261028__20261028__dei--LegalEntityAxis__custom--S000091848Member_zoFaq2ZZQLFk">The Fund concentrates its investments (i.e., invests more than 25% of its net assets) in the securities of issuers from the energy and infrastructure group of industries.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white">The Fund invests without restriction as to issuer capitalization, credit quality, country, currency, instrument maturity or duration. However, securities of emerging market issuers are not part of the Fund’s principal investment strategy. The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended, which means that the Fund may invest a higher percentage of its assets in a fewer number of issuers than is permissible for a “diversified” Fund. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><span style="text-decoration: underline">Sub-Adviser’s Energy and Infrastructure Credit Strategy</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Sub-Adviser selects credit instruments, which it believes present an attractive combination of yield and potential capital appreciation among peers of the same credit quality, maturity, and issuer type. The Sub-Adviser focuses on bottom-up fundamental analysis to assess credit quality. The Sub-Adviser’s measure of credit quality is informed by: (i) interest payment coverage ratio, (ii) debt to assets ratio, (iii) debt to cash flow, (iv) free cash flow analysis and sensitivity, (v) assessment of the likelihood of default under stressed economic or sector-specific conditions, and (vi) an estimate of recovery percentage in the event of default. The Sub-Adviser sells an instrument when it believes its investment profile no longer represents relative value or to fund a more attractive investment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><span style="text-decoration: underline">Adviser’s Hedging Strategy</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To manage the default risk of the Fund’s portfolio and to generate gains from changes in credit spreads on credit instruments, the Adviser may employ a hedging strategy. This strategy may use over-the-counter total return swaps, and exchange-traded and over-the-counter credit default swaps and options. In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party on its debt obligation or an index of debt obligations. The Fund may use credit default swaps to provide a measure of protection against defaults of issuers (i.e., to reduce risk where the Fund owns or has exposure to the issuer or group of issuers) and may also use credit default swaps to take an active long (i.e. writes credit protection) or short (i.e. buys credit protection) position with respect to the likelihood of a particular issuers or group of issuers default. Total return swaps are used to capture the interest and price performance of a debt obligation or an index of debt obligations and may be used to capture narrowing credit spreads as well as to profit from widening credit spreads. The Fund may purchase put options and put options spreads to protect against a drop in a reference asset’s price. The Fund may purchase call options and call option spreads to capture gains in the reference asset’s price typically driven by improved credit spreads.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">When the Fund purchases a call option, the Fund has the right, but not the obligation, to buy an asset at a specified price (strike price) within a specific time period. When the Fund purchases a put option, the Fund has the right, but not the obligation, to sell an asset at a specified price (strike price) within a specific time period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><i>Call Spread Sub-Strategy</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">When the Adviser believes a credit instrument’s price will increase it employs a call spread strategy. In this call option spread, the Fund purchases an at-the-money or slightly out-of-the-money call option; while selling (writing) a further out-of-the-money (above current market price) call option to partially offset the cost of the purchased option.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><i>Put Spread Sub-Strategy</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">When the Adviser believes a credit instrument’s price will decrease it employs a put spread strategy. In this put option spread, the Fund purchases an at-the-money or slightly out-of-the-money put option; while selling (writing) a further out-of-the-money (below current market price) put option to partially offset the cost of the purchased option. The Adviser typically hedges at least a portion of the Fund’s credit risk and opportunistically pursues additional gains from changes in credit spreads. While the use of derivatives is intended to improve the Fund’s performance, there is no guarantee that it will do so.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">When using certain derivatives, the Fund is required to post collateral to assure its performance to the counterparty. The Fund will hold cash and cash-like instruments or high-quality short term fixed income securities (collectively, “Collateral”). The Collateral may consist of (i) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (ii) money market funds (including affiliated money market ETFs); (iii) fixed income ETFs; and/or (iv) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by companies that are rated investment grade or of comparable quality. The Adviser considers an unrated security to be of comparable quality to a security rated investment grade if it believes it has a similar low risk of default.</p> Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in credit instruments issued by energy companies and infrastructure companies. The Fund defines credit instruments as: (i) debt, (ii) bonds, (iii) notes, (iv) loans, (v) loan participations, (vi) credit facility commitments, (vii) preferred shares, (viii) hybrid securities, and (ix) derivatives linked to the preceding instruments. Hybrid securities are those with a conversion feature such a convertible bond that may be converted to common stock. The Fund concentrates its investments (i.e., invests more than 25% of its net assets) in the securities of issuers from the energy and infrastructure group of industries. <p id="xdx_A80_eoef--RiskTextBlock_zoKrQpEaz7mi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Principal Investment Risks:</b> <i><span id="xdx_904_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000091848Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zCVn83UoZH0g">As with all funds, there is the risk that you could lose money through your investment in the Fund.</span> Many factors affect the Fund’s net asset value and price of shares and performance.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following describes the principal risks the Fund bears with respect to its investments. <span id="xdx_90D_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000091848Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zX3UFmVJpBSj">As with any fund, there is no guarantee that the Fund will achieve its goal.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 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. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zKsQgjowqzd8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Active Management Risk.</i> 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 Sub-Adviser’s strategy may not produce positive results and the Adviser’s credit hedge strategy may not fully protect the Fund’s portfolio from declines in price or from defaults.<i></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditsRiskMember_zMYcf3ZnoQs2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Credit Risk.</i> The Fund will lose money if the issuer or guarantor of a credit instrument goes bankrupt or is unable or unwilling to make interest payments and/or repay principal. The value of a security may decline if there are concerns about an issuer’s ability or willingness to make interest and or principal payments. Changes in an issuer’s financial strength or in an issuer’s or security’s credit rating also may affect a security’s value and thus have an impact on Fund performance. The Fund considers all derivatives and non-U.S. Treasury debt instruments as subject to credit risk. Subordinated credit instruments may receive little or no recovery if the issuer or guarantor of a credit instrument goes bankrupt.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldRiskMember_zelXEGT1Twx1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>High Yield Risk. </i>The Fund may invest in high yield debt also known as “junk bonds”. High yield securities and unrated securities of similar credit quality are subject to greater levels of credit, call, and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer’s continuing ability to make principal and interest payments, and may be more volatile than higher-rated securities of similar maturity.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRatesRiskMember_zPTLBHMuNcNk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Interest Rate Risk</i>. The value of the Fund’s investment in credit securities will fall when interest rates rise. The effect of increased interest rates is more pronounced for any intermediate-term or longer-term obligations owned by the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryConcentrationRiskMember_zaSqu04hm5Ac" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Industry Concentration Risk.</i> The Fund focuses its investments in securities of a group of two industries. Economic, legislative or regulatory developments may occur that significantly affect the group of industries. This may cause the Fund’s share price to fluctuate more than that of a fund that does not focus in a group of industries.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left">○</td> <td style="text-align: justify"><i>Energy Industry Risk.</i> Securities and instruments of energy companies are susceptible to adverse economic or regulatory developments. The performance of the Fund is tied closely to and affected by developments in the energy sector. Energy companies are subject to the risks specific to the sector they serve including: (i) fluctuations in commodity prices; (ii) reduced volumes of natural gas or other energy commodities available for transporting, processing, storing or distributing; (iii) new construction risk and facility acquisition risk; (iv) reduced demand for crude oil, natural gas, natural gas liquids, refined petroleum products, and power; (v) depletion of the oil or natural gas reserves or lower than expected wind, solar, or hydro resources; (vi) changes in the regulatory environment; (vii) extreme weather; (viii) rising interest rates and a higher cost of capital; (ix) attack by terrorists; (x) price policies of OPEC (Organization of Petroleum Exporting Countries); and (xi) changing preferences for fuel sources.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left">○</td> <td style="text-align: justify"><i>Infrastructure Industry Risk.</i> Securities and instruments of infrastructure companies are susceptible to adverse economic or regulatory developments. Infrastructure companies may be subject to a variety of factors that may adversely affect their business or operations, such as high interest costs in connection with capital construction, high debt leverage, environmental and other regulations, economic slowdown, surplus capacity, increased competition, volatile fuel or power prices, energy conservation policies and other factors. Infrastructure companies may also be subject to: (i) technological innovations that may render production facilities obsolete, (ii) changes in market sentiment towards infrastructure assets, (iii) high interest costs in connection with capital construction and improvement programs, (iv) difficulty in raising capital, (v) competition resulting from a developing deregulatory environment, (vi) cost of compliance with environmental and other regulations, (vii) adverse actions by various government authorities, (viii) government regulation of rates charged to customers, (ix) service interruption due to environmental or operational mishaps, and (x) special tariffs and changes in tax laws.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_z9tc1usq4fSa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Convertible Securities Risk.</i> Convertible securities that are rated below investment grade are subject to the risks associated with high-yield investments. The reference common stock of a convertible security may fail to reach a price that makes the conversion feature valuable.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_zR8lZiUeiy64" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Foreign Currency Risk.</i> The Fund may hold investments that have exposure to non-U.S. currency exchange rates. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of the Fund’s investment and the value of Fund shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and your investment in the Fund may experience losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zU7lvSGSyRm6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Foreign Investment Risk. </i>The Fund may invest in securities domiciled in countries outside the U.S. that may experience more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies. These companies may be subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, currency fluctuations, higher transaction costs, delayed settlement, and less stringent investor protection and disclosure standards than those of the U.S. market. The potential departure of one or more other countries from the European Union could have significant political and financial consequences for global markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMediumCapitalizationRiskMember_zs594zPcFXmf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Small and Medium Capitalization Risk.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zX2wfyuqoh4h" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Derivatives Risk.</i> Options and swaps are derivative investments. 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 fulfil 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left">○</td> <td style="text-align: justify"><i>Options Risk.</i> As the buyer of a put or call option, the Fund risks losing the entire premium invested in the option if the Fund does not exercise the option.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left">○</td> <td style="text-align: justify"><i>Swaps Risk</i>. Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. Written credit default swaps expose the Fund to a potential total loss with respect to the reference credit asset.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashOrCashEquivalentsRiskMember_zHZG0WXnY5Ea" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Cash or Cash Equivalents Risk.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zxfY6OnoqCCd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Counterparty Risk.</i> Counterparty risk is the risk that a counterparty to a financial instrument held by the Fund or by a special purpose or structured vehicle invested in by the Fund may become insolvent or otherwise fail to perform its obligations, and the Fund may obtain no or limited recovery of its investment, and any recovery may be significantly delayed.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryRiskMember_zQqVY7psNMAk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Limited History Risk.</i> The Fund is a relatively new ETF and has a limited history of operations for investors to evaluate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zkCTUVCUMUxi" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><i>Market and Geopolitical Risk</i>. 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, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, tariffs and trade wars, international conflicts and wars, 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. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedFundRiskMember_zOBceIrd7GA6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Non-Diversified Fund Risk.</i> <span id="xdx_908_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000091848Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zzt5XdtXik54">Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--OverthecounterMarketRiskMember_zf5GZTpitNoc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Over-the-Counter Market Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zc08V1XErzhi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Preferred Stock Risk.</i> The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments. The reference common stock of a convertible preferred stock may fail to reach a price that makes the conversion feature valuable.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TurnoverRateRiskMember_zfoRUghEHJh" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><i>Turnover Rate Risk.</i> The Fund may have portfolio turnover rates in excess of 100%. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund’s performance and may produce increased taxable distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasurtAndAgencyMarketRiskMember_znoqG97r8oci" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>U.S. Treasury and Agency Market Risk.</i> The U.S. Treasury and agency market can be volatile, and the value of instruments correlated with these markets may fluctuate dramatically from day to day. U.S. Treasury and agency obligations may provide relatively lower returns than those of other securities. Similar to other debt instruments, U.S. Treasury and agency obligations are subject to debt instrument risk and interest rate risk. In addition, changes to the financial condition or credit rating of the U.S. Government may cause the value of U.S. Treasury and agency obligations to decline.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--AffiliatedMoneyMarketETFConflictOfInterestRiskMember_z7L2Q7lZiEna" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Affiliated Money Market ETF Conflict of Interest Risk.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zcqPQIaMFOsj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Early Close/Trading Halt Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfStructureRiskMember_zCW9ijX5tFQ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>ETF Structure Risk. </i>The Fund is structured as an ETF and will invest in underlying ETFs. As a result, the Fund is subject to special risks, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in"><i>Not Individually Redeemable.</i> The Fund’s shares (“Shares”) are not redeemable by retail investors and may be redeemed only by 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in"><i>Trading Issues</i>. 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in"><i>Market Price Variance Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in">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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in">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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in">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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in">Cash Creation Unit Transactions Risk. Like other ETFs, the Fund sells and redeems its Shares only in large blocks called Creation Units and only to “Authorized Participants.” However, unlike many other ETFs, the Fund expects to effect its creations and redemptions at least partially or fully for cash, rather than in-kind securities. Thus, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could have avoided by making redemptions in-kind. As a result, the Fund may pay out higher capital gains distributions than ETFs that redeem in-kind. Further, paying redemption proceeds in cash rather than through in-kind delivery of portfolio securities may require the Fund to dispose of or sell portfolio investments to obtain the cash needed to distribute redemption proceeds at an inopportune time.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in"><i>Authorized Participant Risk.</i> 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> <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_z0cZAwR9OVvi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Performance:</b> <span id="xdx_905_eoef--PerformanceOneYearOrLess_c20261028__20261028__dei--LegalEntityAxis__custom--S000091848Member_zb13ECEuH2Wa">Performance information will be available in the prospectus after the Fund has been in operation for one full calendar year.</span> <span id="xdx_90B_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000091848Member_zps0f2fdHB66">Past performance is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information will be available at no cost by visiting <span id="xdx_904_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000091848Member_zUGVLtkgYJme"><span style="text-decoration: underline">www.simplify.us</span></span> or by calling <span id="xdx_905_eoef--PerformanceAvailabilityPhone_c20261028__20261028__dei--LegalEntityAxis__custom--S000091848Member_z98iZxcFKA7c">1 (855) 772-8488</span>.</p> Performance information will be available in the prospectus after the Fund has been in operation for one full calendar year. Past performance is not necessarily an indication of how the Fund will perform in the future. www.simplify.us 1 (855) 772-8488 FUND SUMMARY – SIMPLIFY NATIONAL MUNI BOND ETF <p id="xdx_A8C_eoef--ObjectivePrimaryTextBlock_zWFHF8IjI8j4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Investment Objective:</b> The Simplify National Muni Bond ETF’s (the “Fund” or “NMB”) seeks to maximize total return.</p> <p id="xdx_A83_eoef--ExpenseNarrativeTextBlock_zGYjwIdW1Mc4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fees and Expenses of the Fund: </b>This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table or example below.</b></p> <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_z3acFkfe9B6i"></div> <table cellpadding="3" cellspacing="0" id="xdx_A59_dU_zJx3k8ziIBr5" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom"><b>Annual Fund Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49A_20261028__20261028__dei--LegalEntityAxis__custom--S000085698Member__oef--ClassAxis__custom--C000251042Member_zp0VPBMQFUU7" style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zYL8jCxVVmY1" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">Management Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">0.50%</td> </tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zQjGuyZcszu7" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">Distribution and Service (12b-1) Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">0.00%</td> </tr> <tr id="xdx_40A_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_z8JKwbOomR62" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; width: 65%">Acquired Fund Fees and Expenses<sup id="xdx_F41_zjsLFkFXNbd2">(1)</sup></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center">0.03%</td> </tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zh79zQaHX2t6" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">Other Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.00%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zRiVHNPo7qX" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top">Total Annual Fund Operating Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">0.53%</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: top"> <td style="width: 0.25in; font-size: 10pt; text-align: justify"><span id="xdx_F06_zUkSRFlaciAb" style="font-size: 10pt">(1)</span></td> <td style="font-size: 10pt; text-align: justify"><span id="xdx_F14_z66ZwCs6MPMi" style="font-size: 10pt"><span id="xdx_900_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20261028__20261028__dei--LegalEntityAxis__custom--S000085698Member_z9JDMdBZUvr"> 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.</span></span></td></tr> </table> 0.0050 0.0000 0.0003 0.0000 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. <p id="xdx_A87_eoef--ExpenseExampleNarrativeTextBlock_zBdciYGu25S7" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b><i>Example: </i></b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell 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. <span id="xdx_907_eoef--ExpenseExampleByYearCaption_c20261028__20261028__dei--LegalEntityAxis__custom--S000085698Member_zpEOkTjs6nx3">Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span></p> Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_zAaEX3y6SgYc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zUpCm1NIoUel" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom; background-color: gainsboro"> <td id="xdx_480_eoef--ExpenseExampleYear01_zx76rEjWKpK9" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_48F_eoef--ExpenseExampleYear03_z1epMpdkbSx5" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>3 Years</b></span></td> <td id="xdx_486_eoef--ExpenseExampleYear05_ztbnGfShJK6c" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_489_eoef--ExpenseExampleYear10_z7rpJoFrmFVe" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_411_20261028__20261028__dei--LegalEntityAxis__custom--S000085698Member__oef--ClassAxis__custom--C000251042Member_z9xBvAgGDTjk" style="vertical-align: top"> <td style="width: 12%; text-align: center"><span style="font-size: 10pt">$54</span></td> <td style="width: 13%; text-align: center"><span style="font-size: 10pt">$170</span></td> <td style="width: 13%; text-align: center"><span style="font-size: 10pt">$296</span></td> <td style="width: 12%; text-align: center"><span style="font-size: 10pt">$665</span></td></tr> </table> 54 170 296 665 <p id="xdx_A85_eoef--PortfolioTurnoverTextBlock_zHmMHQZzH1Ak" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b><i>Portfolio Turnover: </i></b>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 rate was <span id="xdx_901_eoef--PortfolioTurnoverRate_dp_c20261028__20261028__dei--LegalEntityAxis__custom--S000085698Member_zylLrAFj08pk">424%</span> of the average value of its portfolio.</p> 4.24 Principal Investment Strategies: <p id="xdx_A8A_eoef--StrategyNarrativeTextBlock_zg1e36kTMg0b" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The Fund is an actively managed exchange-traded fund that seeks to achieve its investment objectives by investing primarily in investment grade U.S. municipal bonds.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><span style="text-decoration: underline">Municipal Bond Strategy</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIEludmVzdG1lbnQgU3RyYXRlZ3kA" id="xdx_90F_efnd--NmRule35d1EightyPctInvstmntPlcyTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000085698Member_zkVojOv3isS4">The Fund has adopted a non-fundamental investment policy that, under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. municipal bonds.</span> Municipal bonds are debt securities issued by states, counties, municipalities, authorities, agencies, or other subdivisions, as well as the District of Columbia and U.S. territories such as Puerto Rico, Guam and the Mariana Islands or U.S. Virgin Islands. Municipal securities are issued to raise money for a variety of public or private purposes, including financing state or local governments specific projects or public facilities, housing projects, industrial projects, hospitals, schools, mass transportation, stadiums, waterworks and sewer systems and highways. Although the Sub-Adviser will target investments across municipal securities that finance a variety of projects, from time to time, the Fund may have significant positions in municipal securities that finance projects that are similar in type, scope, or geographic area.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Municipal securities typically are classified as general or revenue obligations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">●</span></td> <td style="text-align: justify"><i>General Obligation Bonds</i>. Issuers of general obligation bonds include states, counties, cities, towns and regional districts. The proceeds of these obligations are used to fund a wide range of public projects, including construction or improvement of schools, highways and roads. The basic security behind general obligation bonds is the issuer’s pledge of its full faith, credit and taxing power for the payment of principal and interest. The taxes that can be levied for the payment of debt service may be limited or unlimited as to the rate or amount of special assessments.</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">●</span></td> <td style="text-align: justify"><i>Revenue Bonds</i>. The full faith, credit and taxing power of the issuer do not secure revenue bonds. Instead, the principal security for a revenue bond generally is the net revenue derived from a particular facility, group of facilities, or, in some cases, the proceeds of a special excise tax or other specific revenue source.</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will invest in municipal securities that the Sub-Adviser believes will provide the best balance between, on the one hand, the potential for income, and on the other hand, risk profile, within the Fund’s range of allowable investments at any given time. In selecting municipal securities for the Fund’s portfolio, the Sub-Adviser may acquire securities that pay fixed, floating or variable rates of interest. The Sub-Adviser may also sell securities on an opportunistic basis for capital appreciation or because of a decline in credit quality, change in tax characterization, or availability of securities that the Sub-Adviser believes offer better investment opportunities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif;">In selecting municipal securities for the Fund’s portfolio, the Sub-Adviser will consider one or more of the following factors, including, without limitation, credit and risk profile, structure, pricing, portfolio impact, duration, restructuring, and tax impact. The municipal bonds acquired for the Fund will generally be tax-exempt, although the Fund may also invest in taxable bonds. While the Fund may invest in municipal securities rated in any category by a nationally recognized rating service (or unrated securities of comparable quality), the Fund focuses on investment grade securities. Investment-grade securities are securities that receive investment-grade ratings (i.e., generally ratings in the first, second, third or fourth highest rating category) by a nationally recognized statistical rating organization or unrated securities of comparable quality. For example, securities rated AAA, AA, A or BBB (including modifiers, sub-categories or gradations) by Standard &amp; Poor’s, would be rated in the first, second, third or fourth ratings category, respectively. Although the investments in the Fund’s municipal bond strategy portfolio are not limited to securities of a particular maturity range, and the Fund otherwise has no set duration parameters, the Sub-Adviser anticipates targeting a municipal bond portfolio with an average duration of ten or more years.</span> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Additional Municipal Bond Strategy Techniques. </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may also seek to increase or hedge exposure to the municipal securities markets by investing in long or short positions in municipal securities, U.S. government securities, securities of other investment companies (e.g., mutual funds, exchange-traded funds and closed-end funds), or in securities that provide related exposure, including derivative instruments such as puts, options, swaps, and repurchase agreements. The Fund may also leverage investments by using interest rate hedges or generally using different margin arrangements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund’s 80% policy may be changed by the Board of Trustees upon 60 days’ written notice to shareholders.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">If the Fund writes options or enters into swaps, the Fund is required to post collateral to assure its performance. The Fund will hold cash and cash-like instruments or high-quality short term fixed income securities (collectively, “Collateral”). The Collateral may consist of (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds (including affiliated money market ETFs); (3) fixed income ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by companies that are rated investment grade or of comparable quality. The Adviser considers an unrated security to be of comparable quality to a security rated investment grade if it believes it has a similar low risk of default.</p> The Fund has adopted a non-fundamental investment policy that, under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. municipal bonds. <p id="xdx_A8A_eoef--RiskTextBlock_z3INSmRwFkO5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Principal Investment Risks: </b><i><span id="xdx_908_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000085698Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zErVsJow4ued">As with all funds, there is the risk that you could lose money through your investment in the Fund.</span> Many factors affect the Fund’s net asset value and price of shares and performance.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following describes the principal risks the Fund bears with respect to its investments. <span id="xdx_901_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000085698Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zo6cm1TSdrj1">As with any fund, there is no guarantee that the Fund will achieve its goal.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 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. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zsUkTaPuyfz5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Fixed Income Securities Risk.</i> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligations early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zInOlh5yZ4p9" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><i>Active Management Risk.</i> The Fund is subject to the risk that the investment management strategy may not produce the intended results and may negatively impact Fund performance.<i></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zrlxNInXhZ4e" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><i>Derivatives Risk. </i>Options and swaps are derivative instruments. 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionRiskMember_zV1WVBAJF5n5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Option Risk. </i>As the buyer of a put or call option, the Fund risks losing the entire premium invested in the option if the Fund does not exercise the option.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommodityRiskMember_zaB8abWEJxbh" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><i>Swap Risk.</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zGWkoYdgmhi2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Counterparty Risk.</i> Counterparty risk is the risk that a counterparty to a financial instrument held by the Fund or by a special purpose or structured vehicle invested in by the Fund may become insolvent or otherwise fail to perform its obligations, and the Fund may obtain no or limited recovery of its investment, and any recovery may be significantly delayed.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zO9zz0WHP3Kk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Early Close/Trading Halt Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfStructureRiskMember_zFTENDcdHY0c" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>ETF Structure Risk. </i>The Fund is structured as an ETF and will invest in underlying ETFs. As a result, the Fund is subject to special risks, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in"><i>Not Individually Redeemable.</i> The Fund’s shares (“Shares”) are not redeemable by retail investors and may be redeemed only by 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in"><i>Trading Issues</i>. Trading in Shares on 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in"><i>Market Price Variance Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in">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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in">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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in">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 hares and the Fund’s NAV.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Closure of Underlying Securities Market</i>. To the extent that all or a portion of the Fund’s underlying securities trade in a market that is closed when the market in which the Fund’s shares are listed and trading in that market is open, there may be changes between the last quote from the closed foreign market and the value of such security during the Fund’s domestic trading day. In turn, this could lead to differences between the market price of the Fund’s shares and the underlying value of its shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in"><i>Authorized Participant Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zjZ79cBwN9f2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Leverage Risk.</i> The use of leverage by the Fund, such as through the use of options, will cause the Fund to incur additional expenses and magnify the Fund’s gains or losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryRiskMember_zHHU2PedBmP8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Limited History Risk.</i> The Fund is relatively new and has a limited history of operations for investors to evaluate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zqJfhfEy8l47" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><i>Market and Geopolitical Risk</i>. 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, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, tariffs and trade wars, international conflicts and wars, 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. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MunicipalSecuritiesRiskMember_zrW1GOjFPPx3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Municipal Securities Risk.</i> Each type of municipal obligation may be more or less susceptible to downgrades or defaults during recessions or similar periods of economic stress. As such, the value of the Fund’s investments in municipal credit risk instruments will be affected by local, state, regional and national factors. In addition to being downgraded, an insolvent municipality may file for bankruptcy. There also is political risk that state legislatures or municipal authorities will seek to interfere with or rescind the revenue streams required for the issuer to satisfy its obligations, leaving the creditor with no recourse.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--OverthecounterMarketRiskMember_zy4ZNMeIfEr" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><i>Over-the-Counter Market Risk: </i>Securities and derivatives traded in over-the-counter markets may trade less frequently and in limited volumes and thus exhibit more volatility and liquidity risk, and the process 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 or swap counterparty who may be unwilling or unable to perform its contractual obligations to the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxexemptMunicipalBondRiskMember_zYAJo7yz5clb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Tax-Exempt Municipal Bond Risk.</i> The interest from such bonds is generally exempt from U.S. federal income tax. The United States Internal Revenue Code of 1986, as amended (the “Code”) imposes certain continuing requirements on issuers of tax-exempt bonds regarding the use, expenditure and investment of bond proceeds, the payment of rebates to the United States and the registration of certain bonds. Failure by the issuer to comply, subsequent to the issuance of tax-exempt bonds, with certain of these requirements could cause interest on the bonds to become includable in gross income retroactive to the date of issuance, which may reduce the value of the bonds.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TurnoverRateRiskMember_zvCR1nK0Nfqa" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><i>Turnover Rate Risk</i>. The Fund may have portfolio turnover rates significantly in excess of 100%. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund’s performance and may produce increased taxable distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundRiskMember_z54sYNeF35Bi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Underlying Fund Risk.</i> Other investment companies, i.e. ETFs and money market funds (“Underlying Funds”) 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 Underlying Funds and may be higher than other mutual funds that invest directly.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--AffiliatedMoneyMarketETFConflictOfInterestRiskMember_zNXaRKdJadc" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><i>Affiliated Money Market ETF Conflict of Interest Risk</i>. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryMarketRiskMember_zShPXfTieRu4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>U.S. Treasury Market Risk.</i> The U.S. Treasury market can be volatile, and the value of the instruments correlated with these markets may fluctuate dramatically from day to day. U.S. Treasury obligations may provide relatively lower returns than those of other securities. Similar to other debt instruments, U.S. Treasury obligations are subject to debt instrument risk and interest rate risk. In addition, changes to the financial condition or credit rating of the U.S. Government may cause the value of U.S. Treasury obligations to decline.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--VolatilityRiskMember_zSoK9uzhAye3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Volatility Risk</i>. Significant short-term price movements could adversely impact the performance of the Fund. The Fund’s performance may be volatile, which means that the Fund’s performance may be subject to substantial short-term changes up or down.</p> <p id="xdx_A8B_eoef--PerformanceNarrativeTextBlock_z9bivxpctPUk" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Performance: </b><span id="xdx_900_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20261028__20261028__dei--LegalEntityAxis__custom--S000085698Member_ztYbOJHNKKEf">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 and an additional index.</span> The additional index represents the broad U.S. equity market and is included as a performance benchmark that provides equity exposure context for the Fund’s diversified income approach. <span id="xdx_90F_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000085698Member_zoHmd6ODbf3j">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information is available at no cost by visiting <span id="xdx_908_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000085698Member_z6DDUxDvhOX2"><span style="text-decoration: underline">www.simplify.us/etfs</span></span> or by calling <span id="xdx_908_eoef--PerformanceAvailabilityPhone_c20261028__20261028__dei--LegalEntityAxis__custom--S000085698Member_zqnlsfc93Wx1">1 (855) 772-8488</span>.</p> 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 and an additional 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 <p id="xdx_A86_eoef--BarChartTableTextBlock_z64Rb2MgJQoc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="pro-nmb_001.jpg" style="height: 271px; width: 450px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zI6QAOqa6Sc6" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2025</td> <td id="xdx_986_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000251042Member_zUDegFYOLkBl" style="display: none; width: 50%">7.60%</td></tr> </table> 0.0760 <p id="xdx_A81_eoef--BarChartClosingTextBlock_zNUhWRy8Azm5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">During the periods shown in the bar chart above, the Fund’s <span id="xdx_905_eoef--HighestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000085698Member_zI0oG0E4svI8">highest quarterly return</span> was <span id="xdx_90D_eoef--BarChartHighestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000085698Member_z0yTrthgzJ2i">10.66%</span> (quarter ended <span id="xdx_90E_eoef--BarChartHighestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000085698Member_zOu8cOy8El15">June 30, 2025</span>) and the Fund’s <span id="xdx_903_eoef--LowestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000085698Member_zj20I9hGeE85">lowest quarterly return</span> was <span id="xdx_900_eoef--BarChartLowestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000085698Member_zBV6GnR2Bp34">-5.62%</span> (quarter ended <span id="xdx_900_eoef--BarChartLowestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000085698Member_z7utbO3M6g86">March 31, 2025</span>). The calendar <span id="xdx_90D_eoef--YearToDateReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000085698Member_zKPTFoaTRgw">year-to-date total return</span> of the Fund as of <span id="xdx_903_eoef--BarChartYearToDateReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000085698Member_zJggGj7F7dIc">September 30, 2026</span> was <span id="xdx_90A_eoef--BarChartYearToDateReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000085698Member_zNX5EwEtgvOe">-4.53%</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p> highest quarterly return 0.1066 2025-06-30 lowest quarterly return -0.0562 2025-03-31 year-to-date total return 2026-09-30 -0.0453 Average Annual Total Returns for the Periods Ended December 31, 2025 <div id="xdx_A82_eoef--PerformanceTableTextBlock_zIXg55lqOFSj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zUNux4qUCTF7" 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: bottom; text-align: center"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" id="xdx_49E_20250101__20251231_zsX5WwyFfKj7" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">1 Year</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom"> </td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"> </td> <td colspan="2" id="xdx_497_20240909__20251231_zAkuHdKronh3" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Since <br/> Inception<br/> (<span id="xdx_904_eoef--PerfInceptionDate_c20261028__20261028__oef--ClassAxis__custom--C000251042Member_z46FibsCwKNl">9/9/24</span>)</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom"> </td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--C000251042Member_zIv82onbZhS" style="vertical-align: bottom; background-color: Gainsboro"> <td style="padding-bottom: 1pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left">Return Before Taxes</td> <td style="padding-bottom: 1pt; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 9%; text-align: right">7.60</td> <td style="padding-bottom: 1pt; width: 1%; text-align: left">%</td> <td style="padding-bottom: 1pt; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 9%; text-align: right">4.48</td> <td style="padding-bottom: 1pt; width: 1%; text-align: left">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000251042Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zhzpQykz9O6l" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes on Distributions</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">5.61</td> <td style="padding-bottom: 1pt; text-align: left">%</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">2.65</td> <td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000251042Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zNYuvl4eopsk" style="vertical-align: bottom; background-color: Gainsboro"> <td style="padding-bottom: 1pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">4.45</td> <td style="padding-bottom: 1pt; text-align: left">%</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">2.61</td> <td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000251042Member__oef--PerformanceMeasureAxis__custom--SAndP500TRIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zjwDsdV81Ae7" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">S&amp;P 500 TR Index (<span id="xdx_908_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261028__20261028__dei--LegalEntityAxis__custom--S000085698Member_zNAw6KvgFGqa">reflects no deductions for fees, expenses or taxes</span>)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 10pt;">17.88</span></td> <td style="padding-bottom: 1pt; text-align: left">%</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 10pt;">20.20</span></td> <td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000251042Member__oef--PerformanceMeasureAxis__custom--BloombergMunicipalBondIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zmza3omKFSwj" style="vertical-align: bottom; background-color: Gainsboro"> <td style="padding-bottom: 1pt; vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Bloomberg Municipal Bond Index (reflects no deductions for fees, expenses or taxes)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 10pt;">4.25</span></td> <td style="padding-bottom: 1pt; text-align: left">%</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-size: 10pt;">2.59</span></td> <td style="padding-bottom: 1pt; text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> 2024-09-09 0.0760 0.0448 0.0561 0.0265 0.0445 0.0261 reflects no deductions for fees, expenses or taxes 0.1788 0.2020 0.0425 0.0259 <p id="xdx_A88_eoef--PerformanceTableClosingTextBlock_zpJQ9XRE41l9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><span id="xdx_90E_eoef--PerformanceTableUsesHighestFederalRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000085698Member_zJtgqyd3pF1b">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.</span> <span id="xdx_90D_eoef--PerformanceTableNotRelevantToTaxDeferred_c20261028__20261028__dei--LegalEntityAxis__custom--S000085698Member_zvFynklAaEP5">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.</span></p> 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. FUND SUMMARY – SIMPLIFY OPPORTUNISTIC INCOME ETF <p id="xdx_A85_eoef--ObjectivePrimaryTextBlock_zG1aeTFFCY4k" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Investment Objective:</b> The Simplify Opportunistic Income ETF (the “Fund” or “CRDT”) seeks to maximize total return.</p> <p id="xdx_A89_eoef--ExpenseNarrativeTextBlock_zZbr6tDZqsr9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Fees and Expenses of the Fund: </b>This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>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.</b></p> <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zntJjdYS0FQ6"></div> <table cellpadding="3" cellspacing="0" id="xdx_A57_dU_zhjqS0TcORAc" 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="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: gainsboro"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 65%; vertical-align: top"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Annual Fund Operating Expenses</b><br/> (expenses that you pay each year as a percentage of the value of your investment)</p> </td> <td id="xdx_496_20261028__20261028__dei--LegalEntityAxis__custom--S000080585Member__oef--ClassAxis__custom--C000243094Member_zykqnRHYhhyb" style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center"><span style="font-size: 10pt"> </span></td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zRyc5skNnMqk" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-size: 10pt">Management Fees</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.95%</span></td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_z8jjuPsWEqzd" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-size: 10pt">Distribution and Service (12b-1) Fees </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zRegfhLC5jcb" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-size: 10pt">Other Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_40A_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_z8EEzSKnnU62" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Acquired Fund Fees and Expenses<sup id="xdx_F45_z2aEmAaOFiga">(1)</sup></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.02%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zeYFFyYt4D6c" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.97%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <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="font: 10pt Times New Roman, Times, Serif"> <td id="xdx_F0A_zPMq04NQMJq8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; width: 0.25in">(1)</td> <td id="xdx_F17_zF1h5XaZbMRh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> <span id="xdx_901_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20261028__20261028__dei--LegalEntityAxis__custom--S000080585Member_zsQqhmBpw4Xg"> 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.</span></td></tr> </table> 0.0095 0.0000 0.0000 0.0002 0.0097 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. <p id="xdx_A8A_eoef--ExpenseExampleNarrativeTextBlock_zF5otpO8FK1l" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b><i>Example: </i></b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">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. <span id="xdx_904_eoef--ExpenseExampleByYearCaption_c20261028__20261028__dei--LegalEntityAxis__custom--S000080585Member_zNzOjZPuKmdk">Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span></p> Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A88_eoef--ExpenseExampleWithRedemptionTableTextBlock_z1MPeGW0wpq"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zBa5Ln1nY877" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: gainsboro"> <td id="xdx_482_eoef--ExpenseExampleYear01_zIEJF7ZIIOc4" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_48B_eoef--ExpenseExampleYear03_z54HOgcfwiF9" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 13%; text-align: center"><span style="font-size: 10pt"><b>3 Years</b></span></td> <td id="xdx_483_eoef--ExpenseExampleYear05_zkt0fj6l53x4" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 13%; text-align: center"><span style="font-size: 10pt"><b>5 Years</b></span></td> <td id="xdx_48C_eoef--ExpenseExampleYear10_zfNu4QUzrLI5" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 12%; text-align: center"><span style="font-size: 10pt"><b>10 Years</b></span></td></tr> <tr id="xdx_417_20261028__20261028__dei--LegalEntityAxis__custom--S000080585Member__oef--ClassAxis__custom--C000243094Member_zYJHafbsfcFi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">$99</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">$310</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">$538</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">$1,192</span></td></tr> </table> 99 310 538 1192 <p id="xdx_A86_eoef--PortfolioTurnoverTextBlock_z70xvsXSWmZ7" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b><i>Portfolio Turnover: </i></b>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 <span id="xdx_903_eoef--PortfolioTurnoverRate_dp_c20261028__20261028__dei--LegalEntityAxis__custom--S000080585Member_z4ikC1IpLo71">108%</span> of the average value of its portfolio.</p> 1.08 Principal Investment Strategies: <p id="xdx_A86_eoef--StrategyNarrativeTextBlock_zbdgR9lctvvg" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing primarily in income producing securities. The Fund’s Sub-Adviser is responsible for fixed income security selection and the Adviser is responsible for the Fund’s derivatives strategy and trade execution.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><span id="xdx_90B_eoef--StrategyPortfolioConcentration_c20261028__20261028__dei--LegalEntityAxis__custom--S000080585Member_zWVmnFVk77t6">Under normal circumstances, the Fund invests primarily in income producing securities, including U.S. and foreign investment grade and high yield (“junk”) corporate bonds and preferred stock, bonds issued by the U.S. Treasury, and bank loans.</span> The Fund’s Sub-Adviser selects the fixed income securities based on fundamental, bottom-up research. The Sub-Adviser may sell an investment if the issuer’s credit quality or other fundamental characteristic declines, if the investment does not perform as expected, or to adjust the asset allocation or when it believes a different investment presents a more attractive risk return opportunity.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The Sub-Adviser targets fixed income securities with different maturities, durations, and quality requirements. Duration is a measure of price sensitivity of a debt security or a portfolio of debt securities to relative changes in interest rates. For instance, a duration of “five years” means that a security’s or portfolio’s price would be expected to decrease by approximately 5% with a 1% increase in interest rates (assuming a parallel shift in yield curve). Maturity is the period during which its owner will receive interest payments on the investment. A bond’s quality is a reference to the grade given to a bond by a rating service that indicates its credit quality. The rating takes into consideration a bond issuer’s financial strength or its ability to pay a bond’s principal and interest in a timely fashion.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The Fund may invest up to 15% of its assets in illiquid assets such as distressed or private investments, provided that the Fund will not invest more than 10% of its assets in investments that are rated CCC or lower, or its equivalent, by Moody’s Investors Service, Inc. (“Moody’s”), Standard &amp; Poor’s Ratings Services (“S&amp;P”) or Fitch, Inc. (“Fitch”). The Fund invests primarily in securities issued by companies in the United States, however the Fund may also invest up to 25% of its net assets in securities issued by companies in other countries. The Fund will not invest more than 10% of its assets in securities issued by companies tied economically to emerging markets countries.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The Fund may invest in derivative instruments, such as futures contracts, swap agreements, or swaptions to hedge interest rate or default risk, or to strategically adjust portfolio-level interest rate or default exposure. The Adviser uses US Treasury futures contracts when it believes they will be a more cost effective means of hedging or adjusting interest rate risk when compared to buying or selling debt securities. The Adviser uses total return swaps to gain exposure to a debt ETF, debt index or basket of debt instruments when it is not feasible or economical to achieve such exposure directly. The Adviser uses swaptions (an option to enter into a swap) when it believes this will be a more economical means of adjusting credit or interest rate risk. The Adviser uses credit default swaps to adjust default risk based on a single security or an index of securities. The Adviser may invest in affiliated money market ETFs to manage liquidity or to pledge as collateral for derivatives.</p> Under normal circumstances, the Fund invests primarily in income producing securities, including U.S. and foreign investment grade and high yield (“junk”) corporate bonds and preferred stock, bonds issued by the U.S. Treasury, and bank loans. <p id="xdx_A8E_eoef--RiskTextBlock_z92R252s8NEd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Principal Investment Risks: </b><i><span id="xdx_906_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000080585Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zaJiCfPHdclf">As with all funds, there is the risk that you could lose money through your investment in the Fund.</span></i><i> Many factors affect the Fund’s net asset value and price of shares and performance.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><span style="font-style: normal; font-weight: normal">The following describes the principal risks the Fund bears with respect to its investments. <span id="xdx_909_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000080585Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zLQoDtC09B46">As with any fund, there is no guarantee that the Fund will achieve its goal.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 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. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zP4TnajoPAe8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Fixed Income Securities Risk</i>. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--JunkBondRiskMember_zBZwhD5lvAL1" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Junk Bond Risk.</i> Lower-quality bonds, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund’s ability to sell its bonds. Longer maturity and longer duration bond prices will decline more in response to rising interest rates. Such securities also may include “Rule 144A” securities, which are subject to resale restrictions. The lack of a liquid market for these bonds could decrease the Fund’s share price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zxOhdnQfE9Uf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Preferred Stock Risk.</i> The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments. The reference common stock of a convertible preferred stock may fail to reach a price that makes the conversion feature valuable.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleBondRiskMember_zazVMCd6pOBi" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Convertible Bond Risk.</i> Convertible bonds that are rated below investment grade are subject to the risks associated with high-yield investments. The reference common stock of a convertible bond may fail to reach a price that makes the conversion feature valuable. Convertible bonds are hybrid securities that have characteristics of both bonds and common stocks and are subject to risks associated with both debt securities and equity securities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z2D9PJQdK8wa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Derivatives Risk.</i> 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 fulfil 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Total Return Swap Risk.</i> Leverage inherent in derivatives such as total return swaps will tend to magnify the Fund’s losses if the hedge is ineffective or if the reference asset rises in price.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Leverage Risk.</i> The use of leverage by the Fund, through its use of derivatives, will cause the Fund to incur additional expenses and magnify the Fund’s gains or losses.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zNvHJA1UILTh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Active Management Risk.</i> The Fund is subject to the risk that the investment management strategy implemented by the Adviser and the Sub-Adviser may not produce the intended results and may negatively impact Fund performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_ziXKUgmAfasb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Counterparty Risk.</i> Counterparty risk is the risk that a counterparty to a financial instrument held by the Fund may become insolvent or otherwise fail to perform its obligations, and the Fund may obtain no or limited recovery of its investment, and any recovery may be significantly delayed.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CdxRiskMember_zgK28MLrK0W1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>CDX Risk</i>. A CDX is subject to the risks of the underlying credit default swap obligations, which include risks such as concentration risk and counterparty risk. Concentration risk refers to the certain large institutional buyers that may take large positions in credit default swaps. The failure of such a buyer could materially and adversely affect the credit default swap market as a whole. Counterparty risk refers to the risk that the counterparty to the swap will default on its obligation to pay.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditDefaultSwapsRiskMember_zCECdM9jCnh1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Credit Default Swaps Risk.</i> CDS are typically two-party financial contracts that transfer credit exposure between the two parties. Under a typical CDS, one party (the “seller”) receives pre-determined periodic payments from the other party (the “buyer”). The seller agrees to make compensating specific payments to the buyer if a negative credit event occurs, such as the bankruptcy or default by the issuer of the underlying debt instrument. The use of CDS involves investment techniques and risks different from those associated with ordinary portfolio security transactions, such as potentially heightened counterparty, concentration and exposure risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zLIsvAnB6UJ" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Early Close/Trading Halt Risk.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zMjrdWJQFuyh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Emerging Markets Risk. </i>Investing in emerging markets involves not only the risks described below with respect to investing in foreign securities, but also other risks, including exposure to economic structures that are generally less diverse and mature, limited availability and reliability of information material to an investment decision, and exposure to political systems that can be expected to have less stability than those of developed countries.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfStructureRisksMember_zeRao6tDTfZ3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>ETF Structure Risks:</i> The Fund is structured as an ETF and may invest in underlying ETFs. As a result, the Fund is subject to special risks, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Not Individually Redeemable.</i> The Fund’s shares (“Shares”) are not redeemable by retail investors and may be redeemed only by 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Trading Issues.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Market Price Variance Risk</i>. 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 in 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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 Shares’ NAV.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">The market price of the Shares may deviate from NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Shares than NAV, which is reflected in the bid and ask price for the Shares or in the closing price.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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 NAV.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Authorized Participant Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_z6U1ddoJwHX8" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Foreign Investment Risk. </i>The Fund may invest in securities domiciled in countries outside the U.S. that may experience more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S companies. These investments may be subject to additional risks, including political and economic risks, less government regulation and supervision of foreign stock exchanges, brokers and listed companies, civil conflicts and war, greater volatility, expropriation and nationalization risks, currency fluctuations, higher transaction costs, delayed transaction settlement, foreign ownership limits, foreign withholding taxes, difficulties in obtaining legal judgements, repatriation of capital, and less stringent investor protection, disclosure, and accounting standards than those of the U.S. market.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_z5TpdI8JsCJa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Foreign Currency Risk.</i> Currency derivative trading risks include market risk, credit risk and country risk. Market risk results from adverse changes in exchange rates in the currencies the Fund is long or short. Credit risk results because a currency-trade counterparty may default. Country risk arises because a government may interfere with transactions in its currency.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesRiskMember_zqyzzOKF5io8" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Futures Risk. </i>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. Investments in futures involve leverage, which means a small percentage of assets invested in futures can have a disproportionately large impact on the Fund. This risk could cause the Fund to lose more than the principal amount invested. Futures contracts may become mispriced or improperly valued when compared to the Adviser’s expectation and may not produce the desired investment results. Additionally, changes in the value of futures contracts may not track or correlate perfectly with the underlying index because of temporary, or even long-term, supply and demand imbalances and because futures do not pay dividends unlike the stocks upon which they are based.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--IlliquidSecuritiesRiskMember_zTtFGsRx5o42" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Illiquid Securities Risk.</i> The Fund may invest up to an aggregate amount of 15% of its net assets in illiquid investments. An illiquid investment is any investment that the Adviser and Sub-Adviser reasonably expect cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. There presently are a limited number of participants in the market for certain securities or assets that the Fund may own.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationRiskMember_zwJA1pUqdT8h" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Limited History of Operation Risk.</i> The Fund is relatively new and has a limited history of operations for investors to evaluate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zfW9KRVUctFc" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Market and Geopolitical Risk.</i> 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, tariffs and trade wars, international conflicts and wars, 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. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--OverthecounterMarketRiskMember_z5KQxilvtuT2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Over-the-Counter Market Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_z35K9kKtgyt7" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Swap Risk.</i> Leverage inherent in swaps will tend to magnify the Fund’s losses if the reference asset or assets declines in price. These contracts involve exposure to credit risk because contract performance depends, in part, on the financial condition of the counterparty. If the creditworthiness of the counterparty declines, the Fund may not receive payments owed under the contract, or such payments may be delayed and the value of agreements with the counterparty can be expected to decline, potentially resulting in losses to the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwaptionsRiskMember_zGw0Py2oQJJ4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Swaptions Risk</i>. A swaption is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. The Fund may write (sell) and purchase put and call swaptions. Depending on the terms of the particular option agreement, the Fund will generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When the Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when the Fund writes a swaption, it becomes obligated (if the option is exercised) according to the terms of the underlying agreement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TurnoverRateRiskMember_zGy1Tq4jCbg3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><i>Turnover Rate Risk.</i> The Fund may have portfolio turnover rates significantly in excess of 100%. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund’s performance and may produce increased taxable distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundRiskMember_z7TOSeptL1a6" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Underlying Fund Risk. </i>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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--AffiliatedMoneyMarketETFConflictOfInterestRiskMember_zjve9YyFUw99" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Affiliated Money Market ETF Conflict of Interest Risk</i>. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuriesRiskMember_z1XrsKGg4fm9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>U.S. Treasuries Risk.</i> U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryMarketRiskMember_zCpBFMqSNjme" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>U.S. Treasury Market Risk. </i>The U.S. Treasury market can be volatile, and the value of instruments correlated with these markets may fluctuate dramatically from day to day. U.S. Treasury obligations may provide relatively lower returns than those of other securities. Similar to other debt instruments, U.S. Treasury obligations are subject to debt instrument risk and interest rate risk. In addition, changes to the financial condition or credit rating of the U.S. Government may cause the value of U.S. Treasury obligations to decline.</p> <p id="xdx_A88_eoef--PerformanceNarrativeTextBlock_zC0Hmr6OZM52" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Performance: </b><span id="xdx_907_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20261028__20261028__dei--LegalEntityAxis__custom--S000080585Member_zQRjNmvTfU6k">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 and two additional indices.</span> The Bloomberg U.S. Universal Total Return Index represents a broader U.S. bond market including investment-grade and high-yield corporate bonds, and is included as a performance benchmark relevant to the Fund’s opportunistic fixed-income approach. The ICE BofA US High Yield Index tracks U.S. high-yield corporate bonds and is included as a performance benchmark that reflects a key sector the Fund may emphasize within its credit strategy. <span id="xdx_905_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000080585Member_zzZ7yYwRGLFi">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information is available at no cost by visiting <span id="xdx_902_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000080585Member_zUgf1LQFzhtd"><span style="text-decoration: underline">www.simplify.us/etfs</span></span> or by calling <span id="xdx_906_eoef--PerformanceAvailabilityPhone_c20261028__20261028__dei--LegalEntityAxis__custom--S000080585Member_zkDj2XTAfsSi">1 (855) 772-8488</span>.</p> 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 and two additional indices. 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 <p id="xdx_A86_eoef--BarChartTableTextBlock_zpEQLUlM4Kj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><img alt="" src="pro-crdt_001.jpg" style="height: 269px; width: 450px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zoOje9XRArHc" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; 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="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2024</td> <td id="xdx_98C_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000243094Member_zjfQc6W9mnra" style="display: none; text-align: center; width: 50%">4.94%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_989_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000243094Member_zTvhf4rEY2A5" style="display: none; text-align: center">-0.38%</td></tr> </table> 0.0494 -0.0038 <p id="xdx_A8F_eoef--BarChartClosingTextBlock_zZUJ5lHACX47" style="font: 10pt Times New Roman, Times, Serif;text-indent: 0.5in; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">During the periods shown in the bar chart above, the Fund’s <span id="xdx_900_eoef--HighestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000080585Member_z2XMKvBnnvm5">highest quarterly return</span> was <span id="xdx_90A_eoef--BarChartHighestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000080585Member_zNS8hSjTXuyk">4.28%</span> (quarter ended <span id="xdx_900_eoef--BarChartHighestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000080585Member_ztd72ijUN5Ai">September 30, 2024</span>) and the Fund’s <span id="xdx_900_eoef--LowestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000080585Member_zbM08YdmZqQ8">lowest quarterly return</span> was <span id="xdx_909_eoef--BarChartLowestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000080585Member_zfGK2mbtbTa7">-4.94%</span> (quarter ended <span id="xdx_908_eoef--BarChartLowestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000080585Member_zplCynbe8Plh">June 30, 2025</span>). The calendar <span id="xdx_90C_eoef--YearToDateReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000080585Member_zrYt7nKRrX6">year-to-date total return</span> of the Fund as of <span id="xdx_90B_eoef--BarChartYearToDateReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000080585Member_z1Hyw6nDK5V5">September 30, 2026</span> was <span id="xdx_90A_eoef--BarChartYearToDateReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000080585Member_z1MqHMnrCeD">-7.11%</span>.</p> highest quarterly return 0.0428 2024-09-30 lowest quarterly return -0.0494 2025-06-30 year-to-date total return 2026-09-30 -0.0711 Average Annual Total Returns for the Periods Ended December 31, 2025 <div id="xdx_A84_eoef--PerformanceTableTextBlock_zKFENFrj74ti"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zkyipIwKrd2b" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse" 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_49C_20250101__20251231_zx6WpEfLqOHl" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td> </td> <td> </td> <td colspan="2" id="xdx_499_20230327__20251231_zPPOV3lsggb7" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Since <br/> Inception<br/> (<span id="xdx_90F_eoef--PerfInceptionDate_c20261028__20261028__oef--ClassAxis__custom--C000243094Member_z5ptT4bt6tOf">3/27/23</span>)</b></span></td> <td> </td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243094Member_zgGJ6tNY8IAh" style="vertical-align: bottom; background-color: Gainsboro"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; width: 76%; vertical-align: top"><span style="font-size: 10pt">Return Before Taxes</span></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">-<span style="font-size: 10pt">0.38</span></td> <td style="width: 1%"><span style="font-size: 10pt">%</span></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"><span style="font-size: 10pt">3.87</span></td> <td style="width: 1%"><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243094Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z69J3GuP3RNj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt">Return After Taxes on Distributions</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">-<span style="font-size: 10pt">3.07</span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">1.11</span></td> <td><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243094Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z2hHAbyA1qI9" style="vertical-align: bottom; background-color: Gainsboro"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">-<span style="font-size: 10pt">0.20</span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">1.81</span></td> <td><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243094Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_z0kwy3FDIjQ3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Bloomberg U.S. Aggregate Bond 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">7.30</td> <td>%</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">4.54</td> <td>%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243094Member__oef--PerformanceMeasureAxis__custom--BloombergUSUniversalTotalReturnIndexMember_zk5M4slMGc7l" style="vertical-align: bottom; background-color: Gainsboro"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Bloomberg U.S. Universal Total Return 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">7.56</td> <td>%</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">5.17</td> <td>%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000243094Member__oef--PerformanceMeasureAxis__custom--ICEBofAUSHighYieldIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zr8hoJwGEvL5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt">ICE BofA US High Yield Index (<span id="xdx_903_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261028__20261028__dei--LegalEntityAxis__custom--S000080585Member_zL4dk8xf00A9">reflects no deduction for fees, expenses or taxes</span>)</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">8.50</td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">10.08</td> <td><span style="font-size: 10pt">%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 2023-03-27 -0.0038 0.0387 -0.0307 0.0111 -0.0020 0.0181 0.0730 0.0454 0.0756 0.0517 reflects no deduction for fees, expenses or taxes 0.0850 0.1008 <p id="xdx_A82_eoef--PerformanceTableClosingTextBlock_zugsRPN9yx4k" style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><span id="xdx_90A_eoef--PerformanceTableUsesHighestFederalRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000080585Member_zcSO6I9WqYol">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.</span> <span id="xdx_90C_eoef--PerformanceTableNotRelevantToTaxDeferred_c20261028__20261028__dei--LegalEntityAxis__custom--S000080585Member_zXLrw7eMU2ig">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.</span></p> 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. FUND SUMMARY – SIMPLIFY PIPER SANDLER US SMALL-CAP PLUS INCOME ETF <p id="xdx_A8A_eoef--ObjectivePrimaryTextBlock_zLGMd1F20fV3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Investment Objective: </b>The Simplify Piper Sandler US Small-Cap PLUS Income ETF (the “Fund” or “LITL”) seeks capital appreciation and income.</p> <p id="xdx_A81_eoef--ExpenseNarrativeTextBlock_zlvMSSWr4qk2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fees and Expenses of the Fund:</b> This table describes the fees and expenses that you may pay if you buy, sell, and hold shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table or examples below.</b></p> <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zCAcj4a4QsW7"></div> <table cellpadding="3" cellspacing="0" id="xdx_A59_dU_znPDdSvOY7i6" 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="background-color: Gainsboro; vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; font-weight: bold; text-align: left">Annual Fund Operating Expenses<br/><span style="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: normal">(expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_49A_20261028__20261028__dei--LegalEntityAxis__custom--S000091859Member__oef--ClassAxis__custom--C000259701Member_zL2W2n1Ad59l" style="border: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zIbJJ1bvgPak" 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">0.90%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_z3BYf1LjOJke" 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_406_eoef--OtherExpensesOverAssets_dpn_zlGnxb4sUS3c" 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_40F_eoef--ExpensesOverAssets_dpn_zIMuWPwIIfk5" 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">0.90%</td></tr> </table> 0.0090 0.0000 0.0000 0.0090 <p id="xdx_A8E_eoef--ExpenseExampleNarrativeTextBlock_zVKOOhL3rIm" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Example: </i></b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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. <span id="xdx_90B_eoef--ExpenseExampleByYearCaption_c20261028__20261028__dei--LegalEntityAxis__custom--S000091859Member_zZh13xvRSM9c">Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span></p> Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zmeWjrYZfUSb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="background-color: Gainsboro; vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_zlxMRYscibYa" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">1 Year</td> <td id="xdx_483_eoef--ExpenseExampleYear03_zIV9VKiWuZc2" style="border-bottom: Black 1pt solid; text-align: center"><b>3 Years</b></td> <td id="xdx_484_eoef--ExpenseExampleYear05_zOTxErT4S6tg" style="border-bottom: Black 1pt solid; text-align: center"><b>5 Years</b></td> <td id="xdx_48B_eoef--ExpenseExampleYear10_zPSpdzhItbj6" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">10 Years</td></tr> <tr id="xdx_415_20261028__20261028__dei--LegalEntityAxis__custom--S000091859Member__oef--ClassAxis__custom--C000259701Member_zjKXf60pKcKh" style="vertical-align: bottom"> <td style="padding-bottom: 0pt; width: 12%; text-align: center">$92</td> <td style="text-align: center; width: 13%">$287</td> <td style="text-align: center; width: 13%">$499</td> <td style="padding-bottom: 0pt; width: 12%; text-align: center">$1,109</td></tr> </table> 92 287 499 1109 <p id="xdx_A8E_eoef--PortfolioTurnoverTextBlock_zypHZbOcON2b" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b><i>Portfolio Turnover: </i></b>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 <span id="xdx_90C_eoef--PortfolioTurnoverRate_dp_c20261028__20261028__dei--LegalEntityAxis__custom--S000091859Member_zP7HwfIy0vO7">225%</span> of the average value of its portfolio.</p> 2.25 Principal Investment Strategies: <p id="xdx_A80_eoef--StrategyNarrativeTextBlock_zVUYiLlg1mna" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is an actively managed exchange-traded fund (“ETF”). The Fund’s investment adviser, Simplify Asset Management Inc. (the “Adviser”), collaborates with the Fund’s sub-adviser, Piper Sandler &amp; Co. (the “Sub-Adviser”), to seek to achieve the Fund’s investment objective. The Sub-Adviser employs an actively managed opportunistic strategy that focuses on relative value among common stocks of small-cap issuers. The Adviser employs an income generating option strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIEludmVzdG1lbnQgU3RyYXRlZ3kA" id="xdx_902_efnd--NmRule35d1EightyPctInvstmntPlcyTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000091859Member_zwqVZzT3X497">Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of US small-capitalization companies.</span> The Fund defines small-capitalization companies as those, at the time of purchase, with market capitalizations no larger than the largest constituent of the Russell 2000^® Index. As of December 31, 2025, the largest company capitalization in this index was $31 billion. The Fund defines US companies as those organized in the US; having a class of securities whose principal securities market is in the US; or deriving 50% or more of total revenues or earnings from goods produced, sales made, or services provided in the US, or maintaining 50% or more of employees, assets, investments, operations, or other business activity in the US.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><i><span style="text-decoration: underline">Sub-Adviser’s Small-Cap Strategy </span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Sub-Adviser constructs the small-cap strategy allocation of the Fund’s portfolio by applying proprietary screens to an initial universe of stocks. The Sub-Adviser begins with a universe represented by the Russell 2000^® Index, then screens out stocks it considers insufficiently liquid because they represent the bottom 20% of trading volume. From this reduced universe, the Sub-Adviser then ranks stocks by expected return using a macroeconomic model (the “Macro Select Model”) and a business cycle model (the “Business Cycle Model”). The Sub-Adviser’s Macro Select Model examines the effect of broad macro-economic factors on stocks’ expected returns. These factors include consumer confidence, unemployment rate, monetary policy, interest rates, inflation, and GDP growth rates. The Sub-Adviser’s Business Cycle Model examines the effect of the current and projected phase of the US economy: expansion, peak, contraction, and trough. This screening process generates a 200-stock, equally-weighted portfolio. The Sub-Adviser reconstructs the portfolio monthly using this process. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><span style="text-decoration: underline">Adviser’s Income Generating Option Strategy</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To generate additional income, the Fund employs an exchange traded and over-the-counter (“OTC”) option spread writing strategy on instruments linked to equities, debt, volatility indices, commodities, and currencies with up to 20% of the Fund’s net assets (plus any borrowings for investment purposes). The equity holdings include primarily U.S. companies but may include companies from both emerging and developed foreign markets and may include companies of any market capitalization and the debt holding securities may be of any maturity or credit quality. The commodity strategies may include all types of commodities and commodity indexes. Currency strategies are those that attempt to profit from the changes in the relative value of various currencies. Volatility strategies are those that attempt to profit from the changes in the historical or implied return volatility of futures or securities indexes. Volatility is a measure of a reference asset’s historical or expected future price movements.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A call option gives the owner the right, but not the obligation, to buy an 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 an asset at a specified price (strike price) within a specific time period. By selling put and call options in return for the receipt of premiums (the purchase price of an option), the Adviser attempts to increase Fund income as the passage of time decreases the value of the written options. While option-based gains are considered capital gains under GAAP (generally accepted accounting principles) they are commonly described as income by securities market participants. The option writing strategy is a form of leveraged investing. The Adviser focuses on writing short-term options with less than one-month to maturity because their value erodes faster than long-term options.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Call Spread Strategy</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">When the Adviser believes an asset’s price will decrease, remain unchanged, or only increase slightly it employs a call spread strategy. In a call option spread, the Fund writes an at-the-money or out-of-the-money (above current market price) call option while also purchasing a further out-of-the-money call option.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Put Spread Strategy</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">When the Adviser believes an asset’s price will increase, remain unchanged, or only decrease slightly it employs a put spread strategy. In a put option spread, the Fund writes an at-the-money or out-of-the-money (below current market price) put option while also purchasing a further out-of-the-money put option.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Adviser expects the written options to expire worthless, but purchases lower-cost further out-of-the-money options to insulate the Fund from large losses if the written options increase in value. The Adviser expects options to be held to expiration but may adjust positions following a large (over 10%) price swing in an option’s reference asset.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">When writing options, the Fund is required to post collateral to assure its performance to the option buyer. The Fund will hold cash and cash-like instruments or high-quality short term fixed income securities (collectively, “Collateral”). The Collateral may consist of (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds (including affiliated money market ETFs); (3) fixed income ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by companies that are rated investment grade or of comparable quality. The Adviser considers an unrated security to be of comparable quality to a security rated investment grade if it believes it has a similar low risk of default.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended, which means that the Fund may invest a higher percentage of its assets in a fewer number of issuers than is permissible for a “diversified” Fund.</p> Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of US small-capitalization companies. <p id="xdx_A83_eoef--RiskTextBlock_zT49ZJyvup55" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Principal Investment Risks: </b><span id="xdx_90D_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000091859Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zpXgL8Brba9a"><i>As with all funds, there is the risk that you could lose money through your investment in the Fund.</i></span><i> Many factors affect the Fund’s net asset value and price of shares and performance.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following describes the principal risks the Fund bears with respect to its investments. <span id="xdx_907_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000091859Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zjZmWmxVcwpg">As with any fund, there is no guarantee that the Fund will achieve its goal.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <i>As with all funds, there is the risk that you could lose money through your investment in the Fund.</i> As with any fund, there is no guarantee that the Fund will achieve its goal. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zy7v4iQla2Zc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Equity Securities Risk. </i>The net asset value of the Fund will fluctuate based on changes in the value of the 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapitalizationRiskMember_z18QCfGyFRxa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Small Capitalization Risk</i>. The earnings and prospects of small sized companies are more volatile than larger companies and may experience higher failure rates than larger companies. Small 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zLdMxbW7G2sk" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><i>Market and Geopolitical Risk</i>. 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, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, tariffs and trade wars, international conflicts and wars, 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. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zPVGp0o4ICmg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Active Management Risk.</i> The Fund is subject to the risk that the investment management strategy of each of the Adviser and Sub-Adviser may not produce the intended results and may negatively impact Fund performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zaGuk6OCrsJb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Derivatives Risk. </i>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 fulfil 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><i>Option Risk.</i> As the buyer of a put or call option, the Fund risks losing the entire premium invested in the option if the Fund does not exercise the option. Spread writing exposes the Fund to losses up to the amount between strike prices of the purchased option and the written option. To the extent not offset by the purchased leg of an option spread, an increase in the price of the written leg will produce a corresponding loss to the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zn2IQew1WA" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Counterparty Risk. </i>Counterparty risk is the risk that a counterparty to a financial instrument held by the Fund or by a special purpose or structured vehicle invested in by the Fund may become insolvent or otherwise fail to perform its obligations, and the Fund may obtain no or limited recovery of its investment, and any recovery may be significantly delayed.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zLZr9RxUW3M1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Leverage Risk.</i> The use of leverage by the Fund, through the use of options, will cause the Fund to incur additional expenses and magnify the Fund’s gains or losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryRiskMember_zEfpzO8K0w8i" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Limited History Risk.</i> The Fund is a new ETF and has a limited history of operations for investors to evaluate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedFundRiskMember_ztBWzJVQmNNj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Non-Diversified Fund Risk.</i> <span id="xdx_90F_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000091859Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zrIc067kmOvb">Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--OverthecounterMarketRiskMember_zuSlPwgzmtMe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Over-the-Counter Market Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryAndAgencyMarketRiskMember_zkCpZvV54IF4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>U.S. Treasury and Agency Market Risk. </i>The U.S. Treasury and agency market can be volatile, and the value of instruments correlated with these markets may fluctuate dramatically from day to day. U.S. Treasury and agency obligations may provide relatively lower returns than those of other securities. Similar to other debt instruments, U.S. Treasury and agency obligations are subject to debt instrument risk and interest rate risk. In addition, changes to the financial condition or credit rating of the U.S. Government may cause the value of U.S. Treasury and agency obligations to decline.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--VolatilityRiskMember_zx2ipt5XZNp2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Volatility Risk</i>. Significant short-term price movements could adversely impact the performance of the Fund. The Fund’s performance may be volatile, which means that the Fund’s performance may be subject to substantial short-term changes up or down.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--AffiliatedMoneyMarketETFConflictOfInterestRiskMember_zJsZbXXjTqE5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Affiliated Money Market ETF Conflict of Interest Risk.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zdfAHxYIpeAi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Early Close/Trading Halt Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfStructureRiskMember_zIdfdQoRf1wi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>ETF Structure Risk. </i>The Fund is structured as an ETF. As a result, the Fund is subject to special risks, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in"><i>Not Individually Redeemable.</i> The Fund’s shares (“Shares”) are not redeemable by retail investors and may be redeemed only by 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in"><i>Trading Issues</i>. Trading in Shares on 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in"><i>Market Price Variance Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in">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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in">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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in">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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; text-indent: 0in"><i>Authorized Participant Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TurnoverRateRiskMember_zAHHDroNzNh3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><i>Turnover Rate Risk</i>. The Fund may have portfolio turnover rates significantly in excess of 100%. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund’s performance and may produce increased taxable distributions.</p> <p id="xdx_A8C_eoef--PerformanceNarrativeTextBlock_zcPO9j9rSLOc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Performance: </b><span id="xdx_907_eoef--PerformanceOneYearOrLess_c20261028__20261028__dei--LegalEntityAxis__custom--S000091859Member_zYKbhk39C2V7">Performance information will be available in the prospectus after the Fund has been in operation for one full calendar year.</span> <span id="xdx_900_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000091859Member_zSDZ9N0gapj2">Past performance is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information will be available at no cost by visiting <span id="xdx_905_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000091859Member_zzCJNhZw0FB8"><span style="text-decoration: underline">www.simplify.us</span></span> or by calling <span id="xdx_903_eoef--PerformanceAvailabilityPhone_c20261028__20261028__dei--LegalEntityAxis__custom--S000091859Member_ziBTduZSHrm4">1 (855) 772-8488</span>.</p> Performance information will be available in the prospectus after the Fund has been in operation for one full calendar year. Past performance is not necessarily an indication of how the Fund will perform in the future. www.simplify.us 1 (855) 772-8488 FUND SUMMARY – SIMPLIFY PROPEL OPPORTUNITIES ETF <p id="xdx_A80_eoef--ObjectivePrimaryTextBlock_zIQHp4i3iRBl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Investment Objective: </b>The Simplify Propel Opportunities ETF (the “Fund” or “SURI”) seeks long-term capital appreciation.</p> <p id="xdx_A85_eoef--ExpenseNarrativeTextBlock_zAsaZIJCsozh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Fees and Expenses of the Fund: </b>This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>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.</b></p> <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_z6RBtUeV8Kt4"></div> <table cellpadding="3" cellspacing="0" id="xdx_A55_dU_zOq3PTBX3dg6" 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="background-color: Gainsboro; vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-style: normal; font-weight: normal; text-align: left"><b>Annual Fund Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_498_20261028__20261028__dei--LegalEntityAxis__custom--S000078061Member__oef--ClassAxis__custom--C000238807Member_zTHihmPcy0Yh" style="border: Black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zTD9LXFuBDl6" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 65%; text-align: left">Management Fees<span id="xdx_F4F_zciJ9L346oRj">⁽¹⁾</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 15%; text-align: center">2.75%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zSIB5fOmkJ7l" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; 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_406_eoef--OtherExpensesOverAssets_dpn_zuYxTr1GuX04" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; 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">0.08%</td></tr> <tr id="xdx_40A_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zfracTFyUpya" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">Acquired Fund Fees and Expenses<span id="xdx_F41_z2a3XMrTbx4a">⁽²⁾</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0.01%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_z9Hd1gbFIAHg" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; 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">2.84%</td></tr> <tr id="xdx_403_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zRpezNIhBJYa" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; padding-bottom: 1pt">Fee Waiver<span id="xdx_F44_zVmSuW9hQuU4">⁽³⁾</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">(0.25)%</td></tr> <tr id="xdx_408_eoef--NetExpensesOverAssets_dpn_zbtTBCQiDxz9" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">Total Annual Fund Operating Expenses After Fee Waiver</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">2.59%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <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="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; vertical-align: top"><span id="xdx_F0F_zFdxqUvxEkI1">(1)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F1B_zckSfz5knna6"> The Fund has agreed to pay the Adviser as compensation under a management agreement a monthly advisory fee (as a percentage of daily net assets) computed at the annual rate of 2.75% on assets up to $1 billion; 2.50% on assets over $1 billion and less than $5 billion; 2.00% on assets over $5 billion and less than $10 billion; and 1.00% on assets over $10 billion.</span></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="font: 10pt Times New Roman, Times, Serif"> <td id="xdx_F09_zeeXMStpgWj8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; vertical-align: top">(2)</td> <td id="xdx_F11_zbq4owq5vC9k" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> <span id="xdx_90E_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20261028__20261028__dei--LegalEntityAxis__custom--S000078061Member_zb33kKXM4tk4"> Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will 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.</span></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="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; vertical-align: top"><span id="xdx_F0F_zFt8ydxw5ZN1">(3)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span id="xdx_F13_zyOc74SF3mPd"> The Adviser and sub-adviser have each agreed to waive its respective advisory and sub-advisory fee by 0.25% on an annualized basis through <span id="xdx_909_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20261028__20261028__dei--LegalEntityAxis__custom--S000078061Member_zusq2cDZUQy9">October 31, 2027</span>. This waiver may be terminated by the Trust’s Board of Trustees on 60 days’ written notice to the Adviser and sub-adviser and will terminate automatically if the management agreement or sub-advisory agreement is terminated.</span></td> </tr> </table> 0.0275 0.0000 0.0008 0.0001 0.0284 -0.0025 0.0259 Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will 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. October 31, 2027 <p id="xdx_A87_eoef--ExpenseExampleNarrativeTextBlock_zk9REJ3N8Zv3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b><i>Example: </i></b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">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. The Example further assumes that the Fund’s fee waiver agreement will only be in place for the term specified above. <span id="xdx_905_eoef--ExpenseExampleByYearCaption_c20261028__20261028__dei--LegalEntityAxis__custom--S000078061Member_zsOYZxhyEeXk">Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span></p> Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zgRALP1mxNoh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_ztpoBrFnFnRb" 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="background-color: Gainsboro; vertical-align: bottom"> <td id="xdx_486_eoef--ExpenseExampleYear01_zg6mmqfFQDs5" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center"><b>1 Year</b></td> <td id="xdx_488_eoef--ExpenseExampleYear03_zstgWmoUyAD4" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center"><b>3 Years</b></td> <td id="xdx_48C_eoef--ExpenseExampleYear05_zAjZX54p6yoa" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><b>5 Years</b></td> <td id="xdx_489_eoef--ExpenseExampleYear10_zQ9LNlTXPGy6" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><b>10 Years</b></td></tr> <tr id="xdx_41F_20261028__20261028__dei--LegalEntityAxis__custom--S000078061Member__oef--ClassAxis__custom--C000238807Member_z0cQ5dzAedQd" style="vertical-align: bottom"> <td style="width: 12%; text-align: center">$262</td> <td style="width: 13%; text-align: center">$857</td> <td style="text-align: center; width: 13%">$1,478</td> <td style="text-align: center; width: 12%">$3,152</td></tr> </table> 262 857 1478 3152 <p id="xdx_A8D_eoef--PortfolioTurnoverTextBlock_zbttIU4raiR6" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b><i>Portfolio Turnover: </i></b>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 <span id="xdx_904_eoef--PortfolioTurnoverRate_dp_c20261028__20261028__dei--LegalEntityAxis__custom--S000078061Member_z66n05thzItk">62%</span> of the average value of its portfolio.</p> 0.62 <p id="xdx_A86_eoef--StrategyNarrativeTextBlock_z0jf7MLCzJr7" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Principal Investment Strategies:</b> The Fund is an actively managed exchange-traded fund (“ETF”). The Fund’s investment adviser Simplify Asset Management Inc. (the “Adviser”) collaborates with the Fund’s sub-adviser, Propel Bio Management, LLC (the “Sub-Adviser”), to seek to achieve the Fund’s investment objective. <span id="xdx_900_eoef--StrategyPortfolioConcentration_c20261028__20261028__dei--LegalEntityAxis__custom--S000078061Member_zcAGNYNai669">The Fund concentrates its investments (i.e., invests more than 25% of its net assets) in the securities of issuers in the biotechnology, pharmaceuticals, healthcare technology, and life science tools and services industries.</span> Each of these industries are commonly categorized within the healthcare sector because they share similar economic features and regulatory constraints. The Fund also may invest in securities of issuers engaged in energy-related endeavors such as the production, generation, and sale of energy resources. The Sub-Adviser employs an actively managed opportunistic multi-asset strategy that focuses on common stock, preferred stock, convertible bonds, structured notes, corporate notes and bonds, and ETFs that primarily invest in the preceding security types. The Fund also may invest in money market funds. The Adviser employs a derivatives strategy to partially protect or enhance Fund returns. The Sub-Adviser is responsible for security selection and the Adviser is responsible for trade execution, regulatory oversight of the Fund and the derivatives strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The Fund invests without restriction as to security currency, issuer capitalization (including micro-capitalization), or country and without restriction as to debt credit quality, maturity, structure, or issuer type. Lower quality corporate debt is commonly known as a “junk bond.” Junk bonds are generally rated lower than Baa3 by Moody’s Investors Service, Inc. or lower than BBB- by Standard and Poor’s Ratings Group or lower than BBB- by Fitch Ratings, Inc. The Fund may invest in privately placed and restricted securities (including 144A bonds). The Fund is classified as a “non-diversified” fund under the Investment Company Act of 1940, as amended, which means that the Fund may invest a higher percentage of its assets in a fewer number of issuers than is permissible for a “diversified” Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><span style="text-decoration: underline">Sub-Adviser’s Opportunistic Multi-Asset Strategy</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The Sub-Adviser selects securities that it believes present attractive investment opportunities, which may include securities that the Sub-Adviser believes are neglected and overlooked investments and present significant opportunities for capital appreciation. The Sub-Adviser uses fundamental, bottom-up analysis to identify securities that present attractive investment opportunities, which may include securities that the Sub-Adviser determines to be undervalued or present opportunities for growth. The Sub-Adviser selects debt or equity exposure based on its estimation of expected relative returns. The Sub-Adviser sells a security when it believes it is no longer undervalued or when more attractive investments are identified.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Healthcare Sector Sub-Strategy</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Sub-Adviser employs individuals who possess significant scientific, technical, operational, regulatory and commercial expertise to evaluate the science and prospects of healthcare sector companies as well as individuals with significant experience and expertise in identifying securities that present attractive investment opportunities, which may include securities that the Sub-Adviser determines to be undervalued or present opportunities for growth. Healthcare sector companies that the Fund typically includes in the portfolio are small to medium capitalization companies that may be in various stages of maturity. These may include “early-stage companies” which include those that routinely develop new products or services or are in the process of conducting clinical trials and may not yet be consistently profitable. The Sub-Adviser’s evaluation ranks the expected returns and risk profile of each potential investment based upon an evaluation of: (i) the scientific proposition of the issuer, (ii) the probability that the science will lead to a product or treatment, and (iii) projected profits from each successful product or treatment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><span style="text-decoration: underline">Adviser’s Derivatives-Based Strategy</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The Fund may invest up to 20% of the Fund’s portfolio in derivatives, measured at market value. Such derivatives include equity, treasury, commodity, and currency futures (derivative contracts that obligate the buyer or seller to transact at a set price and predetermined time) and exchange-traded and over the counter (“OTC”) put and call options on equities, treasuries, commodities, and currencies or futures. The derivatives strategy is a form of leveraged investing. When the Fund purchases a call option, the Fund has the right, but not the obligation, to buy an asset at a specified price (strike price) within a specific time period. When the Fund purchases a put option, the Fund has the right, but not the obligation, to sell an asset at a specified price (strike price) within a specific time period. The Fund may invest in total return swaps</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">such as swaps on high yield debt instruments or high yield indexes or equity indexes as reference assets. A total return swap is a swap agreement in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset. These are regulatory primarily by the Commodity Futures Trading Commission or the Securities and Exchange Commission, depending on the underlying asset.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The option overlay is a strategic, persistent exposure meant to partially hedge against market declines. If the market goes up, the Fund’s returns may outperform the market because the Adviser will sell or exercise the call options. If the market goes down, the Fund’s returns may fall less than the market because the Adviser will sell or exercise the put options.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The Adviser selects derivatives 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 exercises or closes the options typically based on maturity. The Adviser anticipates purchasing and selling its derivatives on a monthly, quarterly, and annual basis, depending upon the Fund’s rebalancing requirements and expiration dates. However, the Adviser may rebalance the Fund’s derivative portfolio on a more frequent basis for a number of reasons such as when market volatility renders the protection provided by the derivative strategy ineffective or a derivative position has appreciated to the point that it is prudent to decrease the Fund’s exposure and realize gains for the Fund’s shareholders. While the use of derivatives is intended to improve the Fund’s performance, there is no guarantee that it will do so.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">When using derivatives, the Fund is required to post collateral to assure its performance. The Fund will hold cash and cash-like instruments or high-quality short term fixed income securities (collectively, “Collateral”). The Collateral may consist of (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds, including affiliated money market ETFs; (3) fixed income ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by companies that are rated investment grade or of comparable quality. The Adviser considers an unrated security to be of comparable quality to a security rated investment grade if it believes it has a similar low risk of default.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The Fund also may enter into reverse repurchase agreements. Reverse repurchase agreements are contracts in which the Fund is a seller of securities under an agreement to buy the securities back at a specified time and price.</p> The Fund concentrates its investments (i.e., invests more than 25% of its net assets) in the securities of issuers in the biotechnology, pharmaceuticals, healthcare technology, and life science tools and services industries. <p id="xdx_A8E_eoef--RiskTextBlock_zpvqN1GId7c1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Principal Investment Risks: </b><i><span id="xdx_90E_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000078061Member__oef--RiskAxis__oef--RiskLoseMoneyMember_z04RDTsPG6p7">As with all funds, there is the risk that you could lose money through your investment in the Fund.</span> Many factors affect the Fund’s net asset value and price of shares and performance.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt">The following describes the principal risks the Fund bears with respect to its investments. <span id="xdx_903_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000078061Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_znGqzIOKwMrk">As with any fund, there is no guarantee that the Fund will achieve its goal.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 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. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zqadFOMcd0v7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Active Management Risk</i>. The Fund is subject to the risk that the investment management strategies may not produce the intended results and may negatively impact Fund performance. The Adviser’s derivatives overlay strategy will not fully protect the Fund from declines in the market. The Sub-Adviser’s opportunistic multi-asset strategy may be ineffective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryConcentrationRiskMember_zqiN6zD31zWj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Industry Concentration Risk.</i> The Fund’s net asset value may fluctuate more than that of a fund that does not concentrate in a particular industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Biotechnology Industry Risk</i>. The biotechnology industry can be significantly affected by patent considerations, including the termination of patent protections for products, intense competition both domestically and internationally, rapid technological change and obsolescence, government regulation and expensive insurance costs due to the risk of product liability lawsuits. In addition, the biotechnology industry is an emerging growth industry, and therefore biotechnology companies may be thinly capitalized and more volatile than companies with greater capitalizations. Biotechnology companies must contend with high development costs, which may be exacerbated by the inability to raise prices to cover costs because of managed care pressure, government regulation or price controls.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right; vertical-align: top; width: 0.25in"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left; vertical-align: top; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Pharmaceutical Industry Risk</i>. Companies in the pharmaceutical industry are heavily dependent on patent protection. The expiration of patents may adversely affect the profitability of the companies. Pharmaceutical companies are also subject to extensive litigation based on product liability and other similar claims. Many new products are subject to approval of the Food and Drug Administration, a process that can be long and costly. Expanding international operations may lead to risks resulting from differences between U.S. and foreign legal, political and economic systems, regulatory regimes and market practices.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Healthcare Technology Industry Risk</i>. To the extent the Fund focuses on the healthcare technology industry, the Fund may be more susceptible to the particular risks that may affect companies in the healthcare technology industry than if it were invested in a wider variety of companies in unrelated sectors. The profitability of companies in the healthcare technology industry may be adversely affected by the following factors, among others: extensive government regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure, an increased emphasis on outpatient services, changes in the demand for medical products and services, a limited number of products, industry innovation, changes in technologies and other market developments.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Life Science Tools and Services Industry Risk</i>. Companies that manufacture or develop medical products, devices or services are subject to extensive regulation in the United States by the FDA and by comparable government agencies in other countries. The regulations govern the development, design, approval, manufacturing, labeling, importing and exporting and sale and marketing of many medical products. These regulations are also subject to future change. Failure to comply with applicable regulations and quality assurance guidelines could lead to manufacturing shutdowns, product shortages, delays in product manufacturing, product seizures, recalls, operating restrictions, withdrawal or suspension of required licenses, and prohibitions against exporting of products to, or importing products from, countries outside the United States. Medical product, device, and service companies could be required to expend significant financial and human resources to remediate failures to comply with applicable regulations and quality assurance guidelines.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EnergyIndustryRiskMember_zNUzKNH0MJ9c" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Energy Industry Risk. </i>Securities and instruments of energy companies are susceptible to adverse economic or regulatory developments. Energy companies are subject to the risks specific to the sector they serve including: (i) fluctuations in commodity prices; (ii) reduced volumes of natural gas or other energy commodities available for transporting, processing, storing or distributing; (iii) new construction risk and facility acquisition risk; (iv) reduced demand for crude oil, natural gas, natural gas liquids, refined petroleum products, and power; (v) depletion of the oil or natural gas reserves or lower than expected wind, solar, or hydro resources; (vi) changes in the regulatory environment; (vii) extreme weather; (viii) rising interest rates and a higher cost of capital; (ix) attack by terrorists; (x) price policies of OPEC (Organization of Petroleum Exporting Countries); and (xi) changing preferences for fuel sources.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zD4u5ZekkjNk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Equity Risk.</i> The net asset value of the Fund will fluctuate based on changes in the value of the 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zI1vclTVf7Sa" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Market and Geopolitical Risk. </i>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, natural disasters, climate change and climate related events, pandemics, epidemics, terrorism, tariffs and trade wars, international conflicts and wars, 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. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMediumCapitalizationRiskMember_zXhuJOL9dLLd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Small and Medium Capitalization Risk. </i>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. These risks are amplified for early stage companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MicroCapitalizationStockRiskMember_z7hOtPTpxg3d" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Micro Capitalization Stock Risk</i>. Micro capitalization companies may be newly formed or have limited product lines, distribution channels and financial and managerial resources. The risks associated with those investments are generally greater than those associated with investments in the securities of larger, more established companies. This may cause the Fund’s net asset value to be more volatile when compared to investment companies that focus only on large capitalization companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommodityRiskMember_zwTNDHlxhT7i" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Commodity Risk.</i> Investing in the commodities markets may subject the Fund to greater volatility than investments in traditional securities. Commodity prices may be influenced by unfavorable weather, animal and plant disease, geologic and environmental factors as well as changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleBondRiskMember_zPGngq6Pbk01" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Convertible Bond Risk</i>. Convertible bonds are hybrid securities that have characteristics of both bonds and common stocks and are subject to risks associated with both debt securities and equity securities. Convertible bonds that are rated below investment grade are subject to the risks associated with high-yield investments. The refence common stock of a convertible bond may fail to reach a price that makes the conversion feature valuable.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zNSuHGYshFHb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Derivatives Risk.</i> 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. Leverage inherent in derivatives will tend to magnify the Fund’s losses if the derivative strategy is ineffective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Futures Contract Risk. </i>The primary risks associated with the use of futures contracts are (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; (b) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) investments in futures contracts involves leverage, which means a small percentage of assets in futures can have a disproportionately large impact on the Fund and the Fund can lose more than the principal amount invested; (d) losses caused by unanticipated market movements, which are potentially unlimited; and (e) the Adviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Option Risk.</i> As the buyer of a call or put option, the Fund risks losing the entire premium invested in the option if the Fund does not exercise the option.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Swap Risk.</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses if the hedge is ineffective or if the reference asset rises in price.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_z0l6r9B2Lg38" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Foreign Securities Risk.</i> The Fund’s investments in foreign securities can be riskier than U.S. securities investments. Investments in the securities of foreign issuers (including investments in ADRs) are subject to the risks associated with investing in those foreign markets, such as heightened risks of inflation or nationalization. The prices of foreign securities and the prices of U.S. securities have, at times, moved in opposite directions. In addition, securities of foreign issuers may lose value due to political, economic and geographic events affecting a foreign issuer or market.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Emerging Markets Risk.</i> Investing in emerging markets involves not only the risks described below with respect to investing in foreign securities, but also other risks, including exposure to economic structures that are generally less diverse and mature, limited availability and reliability of information material to an investment decision, and exposure to political systems that can be expected to have less stability than those of developed countries. The market for the securities of issuers in emerging markets typically is small, and a low or nonexistent trading volume in those securities may result in a lack of liquidity and price volatility.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Foreign Currency Risk.</i> Currency derivative trading risks include market risk, credit risk and country risk. Market risk results from adverse changes in exchange rates in the currencies the Fund is long or short. Credit risk results because a currency-trade counterparty may default. Country risk arises because a government may interfere with transactions in its currency.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: left; vertical-align: top">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>ADR Risk</i>. ADRs may be subject to some of the same risks as direct investment in foreign companies, which includes international trade, currency, political, regulatory and diplomatic risks. Under an unsponsored ADR arrangement, the foreign issuer assumes no obligations and the depositary’s transaction fees are paid directly by the ADR holders. Unsponsored ADRs are organized without the cooperation of the issuer and information concerning the foreign issuer may not be as current as for sponsored ADRs and voting rights are not passed through.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--JunkBondRiskMember_zylKF4NoSNJd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Junk Bond Risk. </i>Lower-quality bonds, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund’s ability to sell its bonds. Longer maturity and longer duration bond prices will decline more in response to rising interest rates. Such securities also may include “Rule 144A” securities, which are subject to resale restrictions. The lack of a liquid market for these bonds could decrease the Fund’s share price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryRiskMember_z3NR9GEBqvif" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Limited History Risk. </i>The Fund is relatively new and has a limited history of operations for investors to evaluate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zipVUhpFMUb3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Liquidity Risk</i>. Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations. Investments that are illiquid or that trade in lower volumes may be more difficult to value. An inability to sell a portfolio position can adversely affect the value of the Fund’s portfolio or prevent the Fund from being able to take advantage of other investment opportunities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversificationRiskMember_z7Mju8Eitt12" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Non-Diversification Risk. </i><span id="xdx_909_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000078061Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_z9Qdzc1vuW15">The Fund’s portfolio may focus on a limited number of investments and will be subject to potential for volatility than a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> The Fund’s portfolio may focus on a limited number of investments and will be subject to potential for volatility than a diversified fund. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--OilPipelineLimitedPartnershipRiskMember_zdZ1Hxwg29Qi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Oil Pipeline Limited Partnership Risk</i>. Pipeline companies are subject to adverse regulatory burdens, terrorism, natural disasters, operating interruptions, environmental, supply and demand, and price volatility risks. Limited partnerships may become taxable at the entity level if they lose their partnership tax status.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--OverthecounterMarketRiskMember_zkeGq1DdQ44c" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Over-the-Counter Market Risk.</i> Securities and derivatives 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 or swap counterparty who may be unwilling or unable to perform its contractual obligations to the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zMVb4wIAW9Qg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Preferred Stock Risk:</i> The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments. The refence common stock of a convertible preferred stock may fail to reach a price that makes the conversion feature valuable.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivatelyPlacedAndOtherRestrictedSecuritiesRiskMember_zsNMhF0vbyyg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Privately Placed and Other Restricted Securities Risk</i>. Restricted securities, which include privately placed securities, are securities that cannot be offered for public resale unless registered under the applicable securities laws or that have a contractual restriction that prohibits or limits their resale. Rule 144A permits the sale of certain unregistered securities to qualified institutional buyers. To the extent restricted securities held by the Fund qualify under Rule 144A and an institutional market develops for those securities, the Fund likely will be able to dispose of the securities without registering them. However, should institutional buyers become uninterested in purchasing these securities, they could increase the level of the Fund’s portfolio illiquidity.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><i>Reverse Repurchase Agreement Risk.</i> Reverse repurchase agreements involve the sale of securities held by the Fund with an agreement to repurchase the securities at an agreed-upon price, date and interest payment, and involve the risk that the other party may fail to return the securities in a timely manner, or at all, resulting in losses to the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--StructuredNoteRiskMember_zhFgxVe5ZYN3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Structured Note Risk.</i> Structured notes involve tracking risk, issuer default risk and may involve leverage risk.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundsRiskMember_zQqg2MVeIV1a" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Underlying Funds Risk.</i> The underlying funds, including ETFs and money market funds 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 underlying funds and may be higher than other funds that invest directly in stocks and bonds. Each of the underlying funds is subject to its own specific risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--AffiliatedMoneyMarketETFConflictOfInterestRiskMember_zq5AZ78F3a5g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Affiliated Money Market ETF Conflict of Interest Risk.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zQKf5TCF9I7a" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>Early Close/Trading Halt Risk. </i>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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfStructureRisksMember_z6t1mkwtvrna" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><i>ETF Structure Risks: </i>The Fund is structured as an ETF and may also invest in underlying ETFs. As a result, the Fund is subject to special risks, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"><i>●</i></td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Not Individually Redeemable</i>. 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Trading Issues</i>. 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Market Price Variance Risk</i>. 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">In times of market stress, market makers may step away from their role in 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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 for 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">When all or a portion of the Fund’s underlying securities trade in a market that is closed when the market for the Fund’s shares is open, there may be changes from the last quote of the closed market and the quote from the Fund’s domestic trading day, which could lead to differences between the market value of the Fund’s shares and the Fund’s net asset value.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><i>Authorized Participant Risk.</i> 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> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>U.S. Treasury and Agency Market Risk.</i> The U.S. Treasury and agency market can be volatile, and the value of instruments correlated with these markets may fluctuate dramatically from day to day. U.S. Treasury and agency obligations may provide relatively lower returns than those of other securities. Similar to other debt instruments, U.S. Treasury and agency obligations are subject to debt instrument risk and interest rate risk. In addition, changes to the financial condition or credit rating of the U.S. Government may cause the value of U.S. Treasury and agency obligations to decline.</p> <p id="xdx_A86_eoef--PerformanceNarrativeTextBlock_zVM48vy74TWe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><b>Performance: </b><span id="xdx_902_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20261028__20261028__dei--LegalEntityAxis__custom--S000078061Member_zv1trF6uW7j5">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 and an additional index.</span> The additional index represents the broad U.S. equity market and is included as a performance benchmark that provides equity exposure context for the Fund’s diversified income approach. <span id="xdx_903_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000078061Member_zGYqXpofUL6">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information is available at no cost by visiting <span id="xdx_906_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000078061Member_z8Po2yHwYaH7"><span style="text-decoration: underline">www.simplify.us/etfs</span></span> or by calling <span id="xdx_908_eoef--PerformanceAvailabilityPhone_c20261028__20261028__dei--LegalEntityAxis__custom--S000078061Member_za5C52IVg1E5">1 (855) 772-8488</span>.</p> 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 and an additional 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 <p id="xdx_A86_eoef--BarChartTableTextBlock_zHEuNmE2cuVa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><img alt="" src="pro-suri_001.jpg" style="height: 270px; width: 450px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zku8W0zeDIYd" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2024</td> <td id="xdx_98A_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000238807Member_zGpSFTzIbuki" style="display: none; text-align: center; width: 50%">-10.22%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_984_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000238807Member_zFS7TYdPugI4" style="display: none; text-align: center">25.10%</td></tr> </table> -0.1022 0.2510 <p id="xdx_A82_eoef--BarChartClosingTextBlock_zx8zcCuZykrc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt;text-indent: 0.5in; text-align: justify">During the periods shown in the bar chart above, the Fund’s <span id="xdx_90F_eoef--HighestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000078061Member_z45Dqt0T2as">highest quarterly return</span> was <span id="xdx_904_eoef--BarChartHighestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000078061Member_z5cJDzKUpBZd">26.47%</span> (quarter ended <span id="xdx_907_eoef--BarChartHighestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000078061Member_z42cD0eMxp82">March 31, 2024</span>) and the Fund’s <span id="xdx_903_eoef--LowestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000078061Member_zPlAZX6cIlf5">lowest quarterly return</span> was <span id="xdx_90D_eoef--BarChartLowestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000078061Member_zCsxniS9n433">-29.82%</span> (quarter ended <span id="xdx_905_eoef--BarChartLowestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000078061Member_zgj4U4eQqGR2">December 31, 2024</span>). The calendar <span id="xdx_902_eoef--YearToDateReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000078061Member_zJLPreTZj1sc">year-to-date total return</span> of the Fund as of <span id="xdx_906_eoef--BarChartYearToDateReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000078061Member_z3e1vMUPZHlh">September 30, 2026</span> was <span id="xdx_905_eoef--BarChartYearToDateReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000078061Member_zSvTAHJGKGDj">17.77%</span>.</p> highest quarterly return 0.2647 2024-03-31 lowest quarterly return -0.2982 2024-12-31 year-to-date total return 2026-09-30 0.1777 Average Annual Total Returns for the Periods Ended December 31, 2025 <div id="xdx_A8E_eoef--PerformanceTableTextBlock_zBOylsQqXWP7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zDWsbyehLrQj" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse" 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_49D_20250101__20251231_zUIU3iKMMpjc" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td> </td> <td> </td> <td colspan="2" id="xdx_493_20230327__20251231_z4avV1YHQsob" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Since <br/> Inception<br/> (<span id="xdx_904_eoef--PerfInceptionDate_c20261028__20261028__oef--ClassAxis__custom--C000238807Member_zIEwmPp1vHM1">3/27/23</span>)</b></span></td> <td> </td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000238807Member_z4bJ8BfQ2m9e" style="vertical-align: bottom; background-color: Gainsboro"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; width: 76%; vertical-align: top"><span style="font-size: 10pt">Return Before Taxes</span></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"><span style="font-size: 10pt">25.10</span></td> <td style="width: 1%"><span style="font-size: 10pt">%</span></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"><span style="font-size: 10pt">2.51</span></td> <td style="width: 1%"><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000238807Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zfT9LkeC53i" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt">Return After Taxes on Distributions</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">16.88</span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">-3.98</span></td> <td><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000238807Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zPjZVPWd8hb9" style="vertical-align: bottom; background-color: Gainsboro"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">14.29</span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">-0.93</span></td> <td><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000238807Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zAcNClg3xylf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"><span style="font-size: 10pt">S&amp;P 500 Index (<span id="xdx_902_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261028__20261028__dei--LegalEntityAxis__custom--S000078061Member_zn2pOnDRslBa">reflects no deduction for fees, expenses or taxes</span>)</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">17.88</span></td> <td><span style="font-size: 10pt">%</span></td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-size: 10pt">20.45</span></td> <td><span style="font-size: 10pt">%</span></td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000238807Member__oef--PerformanceMeasureAxis__custom--MSCIUSAIMIHealthCareNetTotalReturnUSDIndexMember_zHPhBpDQu0Pf" style="vertical-align: bottom; background-color: Gainsboro"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top"> MSCI USA IMI Health Care Net Total Return USD Index (<span id="xdx_90C_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261028__20261028__dei--LegalEntityAxis__custom--S000078061Member_zWsBXffjsPIb">reflects no deduction for fees, expenses or taxes</span>)</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">14.91</td> <td>%</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">6.88</td> <td>%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 2023-03-27 0.2510 0.0251 0.1688 -0.0398 0.1429 -0.0093 reflects no deduction for fees, expenses or taxes 0.1788 0.2045 reflects no deduction for fees, expenses or taxes 0.1491 0.0688 <p id="xdx_A8E_eoef--PerformanceTableClosingTextBlock_zxe4bWyA1Zr8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><span id="xdx_901_eoef--PerformanceTableUsesHighestFederalRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000078061Member_zqqvbqZgQEie">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.</span> <span id="xdx_90F_eoef--PerformanceTableNotRelevantToTaxDeferred_c20261028__20261028__dei--LegalEntityAxis__custom--S000078061Member_zfTclCOCztS">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.</span></p> 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. FUND SUMMARY – SIMPLIFY TARA INDIA OPPORTUNITIES ETF <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_zJ23EnAO5uQ4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Investment Objective:</b> Simplify Tara India Opportunities ETF (the “Fund” or “IOPP”) seeks to achieve long-term capital appreciation.</p> <p id="xdx_A87_eoef--ExpenseNarrativeTextBlock_zAwBIl0niYLe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fees and Expenses of the Fund:</b> This table describes the fees and expenses that you may pay if you buy, sell, and hold shares of the Fund. <b>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. </b></p> <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_zjv9knFPJCgk"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5E_dU_zGP6Gl32stY9" 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; background-color: gainsboro"> <td style="border: black 1pt solid; text-align: left; width: 65%"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses<br/> </b>(expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_499_20261028__20261028__dei--LegalEntityAxis__custom--S000084069Member__oef--ClassAxis__custom--C000248321Member_zHIYXhGvW82i" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center; width: 15%"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zkeNsefZMVhi"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: top"><span style="font-size: 10pt">Management Fees</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">1.00%</span></td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zVA7BAjvyoek"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: top"><span style="font-size: 10pt">Distribution and Service (12b-1) Fees </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zDXGAdNXLCHl" style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><span style="font-size: 10pt">Other Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_409_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zVsX9nj3JH76" style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left">Acquired Fund Fees and Expenses<sup id="xdx_F48_zrfbbvNAZP7c">(1)</sup></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">0.01%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zgH4gXTW2VH1" style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><span style="font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">1.01%</span></td></tr> <tr id="xdx_403_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zU5TGEUQoWq7" style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left"><span style="font-size: 10pt">Fee Waiver<sup id="xdx_F47_zAGKP3vASDqg">(2)</sup></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">(0.30)%</span></td></tr> <tr id="xdx_408_eoef--NetExpensesOverAssets_dpn_zZYeCsWIxKyf"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: top"><span style="font-size: 10pt">Total Annual Fund Operating Expenses After Fee Waiver </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">0.71%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto;width: 80%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in; font-size: 10pt"><span id="xdx_F09_zV2FgCfDxxr9" style="font-size: 10pt">(1)</span></td> <td style="font-size: 10pt; text-align: justify"><span id="xdx_F12_zi0Kud7bD1e9" style="font-size: 10pt"> <span id="xdx_901_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20261028__20261028__dei--LegalEntityAxis__custom--S000084069Member_zOANeAjFcLA5"> 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.</span> </span></td></tr> <tr style="vertical-align: top"> <td style="font-size: 10pt"><span id="xdx_F06_ziGvl03UjzRg" style="font-size: 10pt">(2)</span></td> <td style="font-size: 10pt; text-align: justify"><span id="xdx_F19_zjhOsnTiEcok"> The Fund’s adviser has contractually agreed, until at least <span id="xdx_903_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20261028__20261028__dei--LegalEntityAxis__custom--S000084069Member_zbpR1iB8dlGb">October 31, 2027</span>, to waive its management fees to 0.70% of the Fund’s average daily net assets. This agreement may be terminated only by the Trust’s Board of Trustees on 60 days’ written notice to the Fund’s adviser.</span></td></tr> </table> 0.0100 0.0000 0.0000 0.0001 0.0101 -0.0030 0.0071 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. October 31, 2027 <p id="xdx_A81_eoef--ExpenseExampleNarrativeTextBlock_z3T12YcPzD36" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Example: </i></b>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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. The Example further assumes that the Fund’s fee waiver agreement will only be in place for the term specified above. <span id="xdx_906_eoef--ExpenseExampleByYearCaption_c20261028__20261028__dei--LegalEntityAxis__custom--S000084069Member_zfgOPFQtAba1">Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span></p> Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zhePw15x3NS3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zDBWqFOWgwr8" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom; background-color: gainsboro"> <td id="xdx_48E_eoef--ExpenseExampleYear01_zXNzcSLFQSDk" style="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: Gainsboro; width: 12%; font-size: 10pt; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_487_eoef--ExpenseExampleYear03_zwzcXhzFvCk1" style="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: Gainsboro; width: 13%; font-size: 10pt; text-align: center"><span style="font-size: 10pt"><b>3 Years</b></span></td> <td id="xdx_483_eoef--ExpenseExampleYear05_zZ6zCrCOVGP9" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 13%"><b>5 Years</b></td> <td id="xdx_48E_eoef--ExpenseExampleYear10_zCiAWZfxOhGl" style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 12%"><b>10 Years</b></td></tr> <tr id="xdx_415_20261028__20261028__dei--LegalEntityAxis__custom--S000084069Member__oef--ClassAxis__custom--C000248321Member_zkZcQ5IIBVL5" style="vertical-align: top"> <td style="font-size: 10pt; text-align: center"><span style="font-size: 10pt">$73</span></td> <td style="font-size: 10pt; text-align: center"><span style="font-size: 10pt">$292</span></td> <td style="text-align: center">$530</td> <td style="text-align: center">$1,211</td></tr> </table> 73 292 530 1211 <p id="xdx_A8B_eoef--PortfolioTurnoverTextBlock_zQM8HEaxM6U2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b><i>Portfolio Turnover:</i></b> 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 fiscal year ended June 30, 2026, the Fund’s portfolio turnover rate was <span id="xdx_90D_eoef--PortfolioTurnoverRate_dp_c20261028__20261028__dei--LegalEntityAxis__custom--S000084069Member_zsqLuCXrs1G1">42%</span> of the average value of its portfolio.</p> 0.42 <p id="xdx_A88_eoef--StrategyNarrativeTextBlock_zpw034vJhtU4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Principal Investment Strategies:</b> <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEludmVzdG1lbnQgU3RyYXRlZ3kA" id="xdx_901_efnd--NmRule35d1EightyPctInvstmntPlcyTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000084069Member_zmofiCjKoeW2">The Fund has adopted a non-fundamental policy that, under normal circumstances, the Fund invests at least 80% of its assets (plus any borrowings for investment purposes) in securities of Indian issuers.</span> The Fund defines Indian issuers as entities: (i) organized in India; (ii) having a class of securities whose principal securities market is in India; (iii) deriving more than 50% of total revenues or earnings from goods produced, sales made, or services provided in India; or (iv) maintaining more than 50% of its employees, assets, investments, operations, or other business activity in India. The Fund also defines mutual funds and ETFs that invest primarily in securities of Indian issuers; as well as ADRs, GDRs, participatory notes on securities of Indian issuers, and any swap contract linked to the preceding, as securities of Indian issuers. The Fund is actively managed and invests in companies without restriction as to capitalization, including micro-capitalization companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Security Selection Process</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In selecting securities for the Fund, the portfolio managers use a bottom-up selection process instead of following a top-down approach.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Potential investments are identified through:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left">(1)</td> <td style="text-align: justify">Company-specific research and analysis conducted by the portfolio managers; and</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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: 0.25in"> </td> <td style="width: 0.25in; font-size: 10pt"><span style="font-size: 10pt">(2)</span></td> <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Screening techniques starting with a universe of 800-1000 stocks using multiple factors that include an evaluation of a company’s competitive positioning, management, future growth potential, and track record in terms of performance. Companies are further screened with key performance indicators (KPIs), model building, and valuation.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The portfolio managers aim to capture India’s growth story by taking a long-term approach and investing in what they believe to be high-quality companies that offer the potential for long-term growth and capital appreciation. The portfolio managers attempt to construct a portfolio of companies positioned to benefit from three key themes that are playing out in India across various sectors: (1) growing middle class consumer with increasing income levels; (2) formalization across sectors leading to increased economic participation; and (3) increasing government focus on promoting manufacturing with a focus on defense, green energy, and exports.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Monitoring Process</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The securities are monitored to confirm adherence to the original investment thesis. The monitoring process consists of tracking news and analyzing quarterly results to ensure that a company’s fundamental progress ties in with the investment thesis. The Fund may increase or decrease its position in a particular company based on such company’s ability to deliver on its original investment thesis.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The portfolio is regularly monitored to avoid any over-exposure to any single stock or industry which helps to avoid concentration risk and achieve the benefits of diversification. The Fund may sell a security if, based on the portfolio managers’ research, a company’s prospects for growth have declined or the portfolio managers have identified a more attractive investment opportunity.</p> The Fund has adopted a non-fundamental policy that, under normal circumstances, the Fund invests at least 80% of its assets (plus any borrowings for investment purposes) in securities of Indian issuers. <p id="xdx_A8A_eoef--RiskTextBlock_zCnZpN5sXa7c" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Principal Investment Risks:</b> <i><span id="xdx_905_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000084069Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zK97tfHyvf85">As with all funds, there is the risk that you could lose money through your investment in the Fund.</span> Many factors affect the Fund’s net asset value and price of shares and performance.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following describes the principal risks the Fund bears with respect to its investments. <span id="xdx_902_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000084069Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zo8ZFZ3PVvZ3">As with any fund, there is no guarantee that the Fund will achieve its goal.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 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. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zBRJnMVAyRrl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Emerging Markets Risk.</i> Investing in emerging markets such as India involves not only the risks described below with respect to investing in foreign securities, but also other risks, including exposure to economic structures that are generally less diverse and mature, limited availability and reliability of information material to an investment decision, greater dependence on international trade or development assistance, and exposure to political systems that can be expected to have less stability than those of developed countries. The market for the securities of issuers in emerging markets typically is small, and a low or non-existent trading volume in those securities may result in a lack of liquidity and price volatility.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--FocusedPortfolioRiskMember_zCvNlAyFYSgf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Focused Portfolio Risk.</i> Because the Fund may invest in a limited number of companies, the Fund is subject to the potential for greater volatility than a fund that does not focus on a limited number of investments and subject to a greater risk of loss if any of those securities decline in price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_zlMUMfEG7ey8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Foreign Currency Risk.</i> The Fund holds investments that provide exposure to the Indian rupee, currency exchange rates or interest rates denominated in such currencies. Changes in currency exchange rates, the relative value of Indian rupees, and delays or limits on repatriation of Indian rupees will affect the value of the Fund’s investments and the value of Fund shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and your investment in the Fund may experience losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zPHaDc6Zvyuh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Foreign Investment Risk.</i> The Fund invests in securities domiciled in countries outside the U.S. that may experience more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies. These companies may be subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, currency fluctuations, higher transaction costs, delayed settlement, and less stringent investor protection and disclosure standards than those of the U.S. market.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndiaRegulatoryRiskMember_zj9Pk84WQ3vc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>India Regulatory Risk.</i> The Fund is registered in India as a Foreign Portfolio Investor (“FPI”) with the Securities and Exchange Board of India (“SEBI”). Only while maintaining FPI registration would the Fund be able to buy, sell or deal in Indian securities. Investment by FPIs in Indian securities are subject to certain limits and restrictions under the applicable law, and the applications of such limits and restrictions could adversely impact the ability of the Fund to make investments in India. Additionally, investments in Indian securities may also be limited or prevented, at times, due to the limits on foreign ownership imposed by the Reserve Bank of India (“RBI”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndiaRiskMember_zv3mxzYy1Zpd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>India Risk.</i> Because the Fund focuses its investments in India, the Fund is subject to certain risks related to economic, political, regulatory, or other events or conditions affecting issuers in India. Such risks include, but are not limited to, political and legal uncertainty, persistent religious, ethnic and border disputes, security concerns (e.g., terrorism and strained international relations), greater government control over the economy, currency fluctuations, exchange control regulations (including currency blockage), inflation, confiscatory taxation, nationalization or expropriation of assets, and others associated with emerging market countries. Additionally, a high proportion of the securities of many Indian issuers are held by a limited number of persons or entities, and a limited number of issuers represent a disproportionately large percentage of market capitalization and trading value. These factors, coupled with restrictions on foreign investment and other factors, limit the supply of securities available for investment, the rate at which the Fund is able to invest, the purchase and sale prices for such securities and the timing of purchases and sales, the liquidity of the Fund’s portfolio, and higher transaction costs. Incidents occurring in India’s or the region due to these risks may cause uncertainty in the Indian market and may adversely affect the Indian economy and the Fund’s investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Substantially all of the income that the Fund receives from investments in equity securities is in Indian rupees; however, the Fund computes and distributes its income in U.S. dollars, and the computation of income will be made on the date that the Fund earns the income at the foreign exchange rate in effect on that date. Therefore, if the value of the Indian rupee falls relative to the U.S. dollar between the earning of the income and the time at which the Fund converts the rupees to U.S. dollars, the Fund may be required to liquidate securities to make distributions if it has insufficient cash in U.S. dollars to meet distribution requirements. Moreover, the Fund may incur costs in connection with conversions between U.S. dollars and rupees. Because the Fund’s NAV is determined in U.S. dollars, the Fund’s NAV could decline if the Indian rupee depreciates against the U.S. dollar, even if the value of its holdings, measured in rupees, increases.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndiaTaxRiskMember_zaYjT5PLUFKb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>India Tax Risk.</i> The Fund will be subject to tax in India on the purchase and sale of Indian securities held by the Fund, which will reduce the Fund’s returns. For more information regarding the tax implications of investing in Indian securities, please see the section entitled “Federal Tax Matters.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMediumCapitalizationRiskMember_zshxfOOTvYH6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Small and Medium Capitalization Risk.</i> Although the securities in which the Fund invests represent the large-capitalization segment of the Indian securities market, these companies may be comparatively smaller than U.S. companies, and therefore the Fund is subject to small- and mid-capitalization company 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignExchangeRiskMember_z6QtIKv3CWwf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Foreign Exchange Risk.</i> Because many securities held by the Fund trade on foreign exchanges that may be closed when the Fund’s primary listing exchange is open, there are likely to be deviations between the current price of a security and the security’s last quoted price from the closed foreign market. This may result in premiums and discounts that are greater than those experienced by domestic ETFs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zDGy72mCQJv8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Active Management Risk</i>. The Fund is subject to the risk that the investment management strategy may not produce the intended results and may negatively impact Fund performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--AdrAndGdrRiskMember_zCHShIDe1xHc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>ADR and GDR Risk. </i>ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. GDRs are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency risk, political, economic, regulatory, diplomatic, and market risk, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs and GDRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorConcentrationRiskMember_zUQeG4H4B0t5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Sector Concentration Risk</i>. To the extent the Fund concentrates in a specific sector or group of sectors or type of investment, the Fund will carry much greater risks of adverse developments and price movements in such sectors or investments than a fund that invests in a wider variety of sectors or investments. There is also the risk that the Fund will perform poorly during a slump in demand for securities of companies in such sectors.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zAwKBQ8eKZBf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Early Close/Trading Halt Risk.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_z3GXquiVQyVg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Equity Risk.</i> The net asset value of the Fund will fluctuate based on changes in the value of the 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfStructureRisksMember_zQqBUw0hhyfc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>ETF Structure Risks.</i> The Fund is structured as an ETF and invests in underlying ETFs. As a result, the Fund is subject to special risks, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify"><i>Not Individually Redeemable</i>. The Fund’s shares (“Shares”) are not redeemable by retail investors and may be redeemed only by 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify"><i>Trading Issues</i>. Trading in Shares on 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify"><i>Market Price Variance Risk</i>. 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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; text-align: justify"> <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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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 for 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">○</td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <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; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify"><i>Authorized Participant Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryOfOperationsRiskMember_z2r58wqxPea1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Limited History of Operations Risk.</i> The Fund is relatively new and has a limited history of operations for investors to evaluate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zFcVWUG78MXa" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><i>Market and Geopolitical Risk.</i> 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 portfolios may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate related events, pandemics, epidemics, terrorism, international conflicts and wars, international conflicts and wars, 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. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MicroCapitalizationStockRiskMember_zIV8betreBYf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Micro Capitalization Stock Risk</i>. Micro capitalization companies may be newly formed or have limited product lines, distribution channels and financial and managerial resources. The risks associated with those investments are generally greater than those associated with investments in the securities of larger, more established companies. This may cause the Fund’s net asset value to be more volatile when compared to investment companies that focus only on large capitalization companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ParticipatoryNotesRiskMember_zIjcOA1cqVz7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Participatory Notes Risk. </i>Participatory notes represent interests in securities listed on a foreign exchange, and thus present similar risks to investing directly in such securities. Participatory notes also expose investors to counterparty risk (the risk that the entity issuing the note may not be able to honor its financial commitments). The purchaser of a participatory note must rely on the credit worthiness of the bank or broker that issues the participatory note, and these notes do not have the same rights as a shareholder of the underlying foreign security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_zIQxTtLvCile" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Swap Risk.</i> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundsRiskMember_zxZlsqXvZnd4" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><i>Underlying Funds Risk</i>. Other investment companies (e.g., mutual funds, money market funds and ETFs) in which the Fund invests (“Underlying Funds”) are subject to investment advisory and other expenses, which are 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 Underlying Funds and may be higher than other funds that invest directly in stocks and bonds. Each of the Underlying Funds is subject to its own specific risks.</p> <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_zIBsTG4A96Hf" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Performance:</b> <span id="xdx_900_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20261028__20261028__dei--LegalEntityAxis__custom--S000084069Member_zJNOeMrInok9">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.</span> <span id="xdx_90D_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000084069Member_zodlSfo9GUah">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information is available at no cost by visiting <span id="xdx_90F_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000084069Member_zSMpz7pXOYZi"><span style="text-decoration: underline">www.simplify.us/etfs</span></span> or by calling <span id="xdx_904_eoef--PerformanceAvailabilityPhone_c20261028__20261028__dei--LegalEntityAxis__custom--S000084069Member_zXy3F1njCMse">1 (855) 772-8488</span>.</p> 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 <p id="xdx_A86_eoef--BarChartTableTextBlock_zXXuww3SXKd9" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img alt="" src="pro-iopp_001.jpg" style="height: 237px; width: 395px"/></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_z0Apa0Ox8Xy" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Years</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">Returns<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 50%">2025</td> <td id="xdx_981_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000248321Member_zz79zhghMYDf" style="font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: center">1.02%<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> 0.0102 <p id="xdx_A80_eoef--BarChartClosingTextBlock_zmFQp4qvhWq1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the periods shown in the bar chart above, the Fund’s <span id="xdx_904_eoef--HighestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000084069Member_zDrj5DJ4JPU5">highest quarterly return</span> was <span id="xdx_908_eoef--BarChartHighestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000084069Member_zXSp1Is2GBgc">9.34%</span> (quarter ended <span id="xdx_909_eoef--BarChartHighestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000084069Member_zKNb3Gd5zUb6">June 30, 2025</span>) and the Fund’s <span id="xdx_906_eoef--LowestQuarterlyReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000084069Member_zmEalCDz2F6h">lowest quarterly return</span> was <span id="xdx_901_eoef--BarChartLowestQuarterlyReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000084069Member_z2lRTYHTAUi3">-6.41%</span> (quarter ended <span id="xdx_90B_eoef--BarChartLowestQuarterlyReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000084069Member_zGgJ5nRdU67j">March 31, 2025</span>). The calendar <span id="xdx_909_eoef--YearToDateReturnLabel_c20261028__20261028__dei--LegalEntityAxis__custom--S000084069Member_zTMQKP1tNqRb">year-to-date total return</span> of the Fund as of <span id="xdx_903_eoef--BarChartYearToDateReturnDate_c20261028__20261028__dei--LegalEntityAxis__custom--S000084069Member_zfj83AkxDAba">September 30, 2026</span> was <span id="xdx_90B_eoef--BarChartYearToDateReturn_c20261028__20261028__dei--LegalEntityAxis__custom--S000084069Member_z77MlAFuQa75">-5.57%</span>.</span></p> highest quarterly return 0.0934 2025-06-30 lowest quarterly return -0.0641 2025-03-31 year-to-date total return 2026-09-30 -0.0557 Average Annual Total Returns for the Periods Ended December 31, 2025 <div id="xdx_A82_eoef--PerformanceTableTextBlock_zzUhQIIaZXd2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zxaYB2eX0sI2" 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: bottom; text-align: left"></td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"></td> <td colspan="2" id="xdx_49E_20250101__20251231_zmN7cMEcI3ll" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">1 Year</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom"></td> <td style="text-align: center; font-weight: bold; padding-bottom: 1pt; vertical-align: bottom"></td> <td colspan="2" id="xdx_496_20240305__20251231_zij9F98TAF5l" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Since<br/> Inception<br/> (<span id="xdx_90E_eoef--PerfInceptionDate_c20261028__20261028__oef--ClassAxis__custom--C000248321Member_zDyp9FKcv7m6">3/5/24</span>)</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom"></td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000248321Member_zKkuSAjo9PK4" style="vertical-align: bottom; background-color: Gainsboro"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left; padding-bottom: 1pt">Return Before Taxes</td> <td style="width: 1%; padding-bottom: 1pt"></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 9%; text-align: right">1.02</td> <td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td> <td style="width: 1%; padding-bottom: 1pt"></td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; width: 9%; text-align: right">8.62</td> <td style="width: 1%; padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000248321Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zdOKno0djnDi" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions</td> <td style="padding-bottom: 1pt"></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">0.89</td> <td style="padding-bottom: 1pt; text-align: left">%</td> <td style="padding-bottom: 1pt"></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">6.97</td> <td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000248321Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zmCqdLRzJkbb" style="vertical-align: bottom; background-color: Gainsboro"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="padding-bottom: 1pt"></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">0.60</td> <td style="padding-bottom: 1pt; text-align: left">%</td> <td style="padding-bottom: 1pt"></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">5.92</td> <td style="padding-bottom: 1pt; text-align: left">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000248321Member__oef--PerformanceMeasureAxis__custom--MSCIIndiaIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zMGKEi8CoUql" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">MSCI India Index (<span id="xdx_904_eoef--IndexNoDeductionForFeesExpensesTaxes_c20261028__20261028__dei--LegalEntityAxis__custom--S000084069Member_zzdqxWDlK5m2">reflects no deduction for fees, expenses or taxes</span>)</td> <td style="padding-bottom: 1pt"></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.62</span></td> <td style="padding-bottom: 0.5pt; text-align: left">%</td> <td style="padding-bottom: 1pt"></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.54</span></td> <td style="padding-bottom: 0.5pt; text-align: left">%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 2024-03-05 0.0102 0.0862 0.0089 0.0697 0.0060 0.0592 reflects no deduction for fees, expenses or taxes 0.0262 0.0354 <p id="xdx_A83_eoef--PerformanceTableClosingTextBlock_zj1tsKrjqXN8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eoef--PerformanceTableUsesHighestFederalRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000084069Member_z51KeyGlWuei">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.</span> <span id="xdx_907_eoef--PerformanceTableNotRelevantToTaxDeferred_c20261028__20261028__dei--LegalEntityAxis__custom--S000084069Member_zbB4eu2gMm8e">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.</span></span></p> 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. FUND SUMMARY – SIMPLIFY ANCORATO TARGET 25 DISTRIBUTION ETF <p id="xdx_A84_eoef--ObjectivePrimaryTextBlock_zX00TqikCLo8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Investment Objective:</b> The Simplify Ancorato Target 25 Distribution ETF (the “Fund” or “XXV”) seeks to provide high monthly income.</p> <p id="xdx_A84_eoef--ExpenseNarrativeTextBlock_zSJ2Ca7rimEh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fees and Expenses of the Fund:</b> This table describes the fees and expenses that you may pay if you buy, sell, and hold Shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table or examples below.</b></p> <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zWXTHWRCJNT6"></div> <table cellpadding="3" cellspacing="0" id="xdx_A52_dU_zabigz6agrh4" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 80%; margin-right: auto; border-collapse: collapse" 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<br/><span style="font-style: normal; font-weight: normal">(expenses that you pay each year as a percentage of the value of your investment)</span></td> <td id="xdx_491_20261028__20261028__dei--LegalEntityAxis__custom--S000091620Member__oef--ClassAxis__custom--C000259298Member_zEOFOOuReBvk" style="border: Black 1pt solid; vertical-align: bottom; background-color: Gainsboro; text-align: center"> </td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zMTWoZvqpAi1" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; width: 65%; text-align: left; padding-bottom: 1pt">Management Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center">0.75%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zafVMCtIFqW8" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: left; padding-bottom: 1pt">Distribution and Service (12b-1) Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; text-align: center">0.00%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dpn_zWl2QyjWOI03" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: left; padding-bottom: 1pt">Other Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; text-align: center">0.00%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zradarVKTQgj" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: left; padding-bottom: 1pt">Acquired Fund Fees and Expenses<sup id="xdx_F4D_zhphlWun0J3k">(1)</sup></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; text-align: center">0.08%</td></tr> <tr id="xdx_400_eoef--ExpensesOverAssets_dpn_zd8Msw4HX6Yf" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: left; padding-bottom: 1pt">Total Annual Fund Operating Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; text-align: center">0.83%</td></tr> <tr id="xdx_400_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zOfivXPYL9H9" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: left; padding-bottom: 1pt">Fee Waiver<sup id="xdx_F4B_z8vyHVPiisPg">(2)</sup></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; text-align: center">(0.05)%</td></tr> <tr id="xdx_40A_eoef--NetExpensesOverAssets_dpn_zAFiC0z23gSh" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: left; padding-bottom: 1pt">Total Annual Fund Operating Expenses after Fee Waiver</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; text-align: center">0.78%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto"> <tr> <td style="vertical-align: top; text-align: right; vertical-align: top; width: 0in"></td> <td style="vertical-align: top; text-align: left; text-indent: 0in; vertical-align: top; width: 0.25in"><span id="xdx_F05_zJTm2P6iAA8i">(1)</span></td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><span id="xdx_F10_zwd02i1vlGAc"><span id="xdx_90A_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20261028__20261028__dei--LegalEntityAxis__custom--S000091620Member_zZqxEqYsdAA7"> 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.</span></span></td></tr> <tr> <td style="vertical-align: top; text-align: right; vertical-align: top"></td> <td id="xdx_F0E_zvadxsgecS7f" style="vertical-align: top; text-align: left; text-indent: 0in; vertical-align: top">(2)</td> <td id="xdx_F19_zKjNUbBFrQ55" style="vertical-align: top; text-align: justify; text-indent: 0in"> The Fund’s adviser has contractually agreed, through at least <span id="xdx_90D_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20261028__20261028__dei--LegalEntityAxis__custom--S000091620Member_zOYl9x1IYsei">October 31, 2027</span>, to waive its management fees to 0.70% of the Fund’s average daily net assets. This agreement may be terminated only by the Trust’s Board of Trustees on 60 days’ written notice to the Fund’s adviser.</td></tr> </table> 0.0075 0.0000 0.0000 0.0008 0.0083 -0.0005 0.0078 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. October 31, 2027 <p id="xdx_A84_eoef--ExpenseExampleNarrativeTextBlock_zlKfnpj6wJm4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Example:</i></b> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">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. The Example further assumes that the Fund’s fee waiver agreement will only be in place for the term specified above. <span id="xdx_909_eoef--ExpenseExampleByYearCaption_c20261028__20261028__dei--LegalEntityAxis__custom--S000091620Member_zruvmICnNZq7">Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</span></p> Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_z4TiLESDHoYf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zfVCuM7FqMpg" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 50%; margin-right: auto; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td id="xdx_481_eoef--ExpenseExampleYear01_zMp6pNHkFfpa" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">1 Year</td> <td id="xdx_48B_eoef--ExpenseExampleYear03_zVXUo0BPHIvj" style="border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">3 Years</td> <td id="xdx_481_eoef--ExpenseExampleYear05_zwzLRUoLQ0e6" style="border-bottom: Black 1pt solid; text-align: center"><b>5 Years</b></td> <td id="xdx_48F_eoef--ExpenseExampleYear10_z504aqoWqiMb" style="border-bottom: Black 1pt solid; text-align: center"><b>10 Years</b></td></tr> <tr id="xdx_41B_20261028__20261028__dei--LegalEntityAxis__custom--S000091620Member__oef--ClassAxis__custom--C000259298Member_zawxHcidgGAd" style="vertical-align: bottom; background-color: White"> <td style="vertical-align: top; width: 12%; text-align: center">$80</td> <td style="vertical-align: top; width: 13%; text-align: center">$260</td> <td style="text-align: center; width: 13%">$456</td> <td style="text-align: center; width: 12%">$1,021</td></tr> </table> 80 260 456 1021 <p id="xdx_A85_eoef--PortfolioTurnoverTextBlock_zW90IUJvKh6c" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b><i>Portfolio Turnover:</i></b> 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 period November 17, 2025 (commencement of operations) through June 30, 2026, the Fund’s portfolio turnover rate was <span id="xdx_904_eoef--PortfolioTurnoverRate_c20261028__20261028__dei--LegalEntityAxis__custom--S000091620Member_zu04wJfwGKPg">0%</span> of the average value of its portfolio.</p> 0 <p id="xdx_A8A_eoef--StrategyNarrativeTextBlock_zAHgtWKH0U0h" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Principal Investment Strategies: </b>The Fund is an actively managed exchange-traded fund (“ETF”). The Fund’s investment adviser seeks to fulfill the Fund’s investment objective by using two income strategies: (1) an interest income strategy and (2) an income generating option spread strategy. The Adviser has engaged a sub-adviser, Legacy Investment Solutions, LLC d.b.a. Ancorato, to assist with portfolio construction. The Sub-Adviser provides investment research on individual stocks, model portfolios, fixed income allocations, and option overlay strategies as inputs to the Adviser’s portfolio construction process. Target 25 in the Fund’s name refers to the goal of making monthly distributions at an annualized rate (after fees and expenses) of 25%. <b><span style="text-transform: uppercase">This goal is merely aspirational as the Fund is not a managed distribution fund that will meet a distribution target regardless of Fund returns.</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>The Fund’s distribution policy is not guaranteed to generate distributions that equal a fixed percentage of the Fund’s current net asset value per share. Shareholders receiving periodic payments from the Fund may be under the impression that they are receiving net profits. However, all or a portion of a distribution may consist of a return of capital (i.e., from your original investment). Return of capital represents a return of a portion of the Fund shareholder’s invested capital and is not taxable in the year it is received unless the distribution exceeds a shareholder’s basis in the Fund. However, a return of capital may result in an increase in a later gain on a sale of Fund Shares or a reduction of a loss. There is no guarantee that the Adviser will be successful in its attempt to have the Fund’s distribution payments meet the target without some return of capital.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Due to the unique mechanics of the Fund’s strategy, the return an investor can expect to receive from an investment in the Fund has characteristics that are distinct from many other investment vehicles. It is important that an investor understand the characteristics of the Fund before making an investment in the Fund. The Fund differs from other funds that utilize a defined outcome investment strategy. The Fund does not provide a barrier against losses that serves to provide for a maximum amount of potential losses. As a result, an investor can lose its entire investment prior to consideration of any distribution payments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><span style="text-decoration: underline">Interest Income Strategy</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The Fund invests primarily in interest income producing U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury and fixed income ETFs that invest primarily in U.S. Government securities. The Fund targets an average securities portfolio duration of two years or less but does not restrict individual security maturity. Duration is a measure of the price sensitivity of a debt instrument when interest rates change. For example, if a note has a duration of 1 year, a 1% rise in rates would result in a 1% decline in price. The Adviser selects securities to maximize portfolio yield within the current duration target and the Adviser sells securities primarily to adjust portfolio duration.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><span style="text-decoration: underline">Income Generating Option Spread Strategy</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">To generate additional income, the Fund employs an option spread writing strategy on domestically traded equity securities. Written options are partially hedged because the Fund owns a partially offsetting option to reduce a portion of the Fund’s risk. The Adviser selects equity securities of issuers of any market capitalization.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Option spread writing is intended to generate income for the Fund by capturing written put option premiums that are larger than the cost of purchasing a partially offsetting put option. In a put option spread, the Fund writes an at-the-money or out-of-the-money (below current market price) put option while also purchasing a further out-of-the-money put option. For example, in general conceptual terms, if the Fund received $7 for writing a one-year put option with a strike price of $100 when the reference asset was at $100; while simultaneously investing $5 in one-year put option with a strike price of $95, it would have a potential income gain of $2 if both options expired worthless. The $2 gain is the difference between the premium received and premium spent. In this example, the options will expire worthless if the reference asset is at $100 or higher at the end of one year. However, if the reference assets price is lower than $100 at the end of one year the Fund may suffer losses and generate no income. Specifically, if the reference asset price at the end of one year was $95 or lower the Fund would suffer a net loss of $3 ($5 net loss on the combination of the written option and the purchased option that is partially offset by the net $2 premium received).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The Adviser executes the option strategy primarily through over-the-counter options, swap contracts and forward contracts, but may also use listed options. Swaps and forwards are used to produce option-like outcomes when they are more economically efficient than options. The Adviser, in consultation with the Sub-Adviser, uses a proprietary selection process that focuses on (i) allocation among option sub-strategies that are, in total, expected to produce at least 25% annual returns; and (ii) option strike prices and maturities consistent with the 25% return goal. The Adviser focuses the Fund’s portfolio on options with a one-year maturity. However, because the size of the Fund and stock price levels will change over time, the Fund’s option portfolio will have multiple maturities and strike prices. The Adviser replaces maturing options and may adjust positions following a large (over 10%) price swing in an option’s reference asset price. The Adviser has no set rebalancing or resetting cycle for the Fund’s portfolio but will make an adjustment to produce higher expected returns.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The following describes the spread option strategies employed, whether directly through options or through options imbedded in a swap contract or forward contract. The Fund anticipates investing primarily under the “Worst of Three” Barrier Put Spread Sub-Strategy described below, but will increase allocations to the Barrier Put Spread Sub-Strategy and General Put Spread Sub-Strategy to attempt to achieve the 25% return goal, if the Worst of Three Barrier Put Spread Sub-Strategy is insufficient to reach this goal. The Adviser may not be successful in implementing any of the spread strategies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><i>Barrier Put Spread Sub-Strategy</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">In a barrier put spread strategy the Fund seeks to provide an investment “barrier” – an investment strategy whereby a payoff depends upon whether a reference asset has breached a predetermined performance level (e.g. 25% loss). However, barriers will likely range from 10% to 30%. For an outcome period for a particular spread, the Fund establishes a barrier against losses that is based upon the performance of a reference asset over the duration of the outcome period. The Fund is not expected to experience losses, on a specific barrier spread, over the course of an outcome period if the market value of the reference asset decreases by the barrier amount (e.g. 25%) or less. Barrier option spreads do not provide a portfolio-wide level of downside protection. If, for a specific barrier put spread, at the conclusion of an outcome period, the reference asset losses have breached the barrier, the Fund will experience losses. Generally, losses will be to the full extent of the reference asset on a one-to-one basis. The Adviser may not be successful in implementing a barrier spread strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><i>The Barrier.</i> Fund shareholders are subject to all of the losses experienced by the reference asset (“RA”), such as a stock of single company; however, for a specific barrier put spread, the Fund provides a barrier such that investors will only experience losses if the RA experiences losses that exceed the barrier at the end of a selected outcome period. For example, a specific barrier might be set at a level such that investors are not expected to experience losses against the first 25% of RA losses over the course of a selected outcome period, to the extent RA decreases in value by 25% or less. Barrier option spreads do not provide a portfolio-wide level of downside protection. The barrier is provided irrespective of the Fund’s annual management fee, transaction fees and any extraordinary expenses incurred by the Fund, however any losses that an investor experiences in relation to the barrier will be reduced by the Fund’s annual management of 0.75% and further reduced by any shareholder transaction fees and any extraordinary expenses incurred by the Fund. The Fund’s barrier strategy is designed to produce outcomes upon the expiration of its barrier-related options investments on the last day of a selected outcome period, for a specific barrier put spread, and it therefore should not be expected that the barrier will be provided at any point prior to the last day of a selected outcome period. There is theoretically no limit on losses the Fund could experience, and an investor may lose all of its investment. An investment in the Fund is only appropriate for shareholders willing to bear those losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">The structure of the Fund’s barrier-related options, for a specific barrier put spread, is such that if at the conclusion of a selected outcome period, RA losses have breached the barrier, the Fund will begin to experience losses starting at the barrier. For a specific barrier put spread, the Fund will experience one of two loss profiles: “Initial Breach Losses” or “Full Breach Losses”. As further described below, for a specific barrier put spread, the operation of the Fund’s barrier-related options is such that, at the end of a selected outcome period, if RA losses measured over a outcome period exceed the barrier (in this example, 25%) but are less than 26%, the Fund will experience, prior to the payment of any distributions, accelerated losses from 0% to 26%. If, for a specific barrier put spread, at the end of a selected outcome period, RA losses measured over an outcome period exceed 26%, the Fund will experience, prior to the payment of any distributions, one-to-one losses of the RA.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; text-align: right; vertical-align: top; width: 0.25in"></td> <td style="vertical-align: top; text-align: left; text-indent: 0in; vertical-align: top; width: 0.25in">●</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><i>Initial Breach Losses</i>. For a specific barrier put spread, Initial Breach Losses occur when RA has exceeded the barrier, but by an amount less than or equal to 26%. Initial Breach Losses occur as a result of the combination of the Fund’s put option spreads as well as a sold put option contract. Specifically, in this example the Fund invests in a package of 25 put option spreads that provide losses of up to 1% for each spread while simultaneously selling a put option that provides one-to-one downside exposure starting at -25% of RA. If RA losses exceed the barrier, but by an amount less than or equal to 27%, the Fund will experience the below losses over an outcome period, for a specific barrier put spread:</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Example Outcome Period Initial and Full Breach Losses Profile</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto"> <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; font-weight: bold; text-align: center">Reference Asset <br/> Losses</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">Put Spread<br/> Losses</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">Put <br/> Losses</td> <td style="border: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">Contribution to<br/> Fund Performance</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 20%; text-align: center">-25.00%</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 20%; text-align: center">0.00%</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 20%; text-align: center">0.00%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 20%; text-align: center">0.00%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-25.25%</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-6.25%</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-0.25%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-6.50%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-25.50%</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-12.50%</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-0.50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-13.00%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-25.75%</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-18.75%</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-0.75%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-19.50%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-26.00%</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-25.00%</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-1.00%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-26.00%</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-27.00%</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-25.00%</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-2.00%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-27.00%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><i>Full Breach Losses. </i>For a specific barrier put spread, Full Breach Losses occur after RA losses are equal to or exceed 26%. Full Breach Losses are a result of the Fund’s barrier-related options and expose the Fund to the extent of RA losses on a one-to-one basis over the course of a selected outcome period, for a specific barrier put spread. As shown in the table above, if RA’s loss has exceeded 26%, the Fund’s put spread options will produce a loss of 25% and the Fund’s naked put option will produce the remaining loss such that losses, in combination, will equal the losses of RA. There is no limit on losses the Fund can experience, and an investor may lose nearly its entire investment.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><i>“Worst of Three” Barrier Put Spread Sub-Strategy</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">This sub-strategy is the focus of the Fund’s option writing strategy. A “worst of” barrier put spread strategy is designed to produce the same return outcome profile as a barrier strategy, but rather than use a single reference asset, three reference assets are used. This type of option that binds up three reference assets is complex and is sometimes referred to as a compound option (i.e. an option on more than one reference asset). The Adviser expects to execute this aspect of the strategy through an over-the-counter option or as embedded in a swap. However, “worst of” barrier option spreads do not provide a portfolio-wide level of downside protection. Here, on a specific “worst of” barrier spread, the predetermined performance level (e.g. 25%) is measured against the worst performing of the reference assets over an outcome period. However, barriers will likely range from 10% to 30%. The Adviser may not be successful in implementing a “worst of” barrier spread strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><i>General Put Spread Sub-Strategy</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">When the Adviser believes non-barrier option writing is compelling, it may employ other put spread strategies. In a put option spread, the Fund writes an at-the-money or out-of-the-money (below current market price) put option while also purchasing a further out-of-the-money put option. However, option spreads do not provide a portfolio-wide level of downside protection. The Adviser may not be successful in implementing a general spread strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">Generally, the Adviser writes options (whether direct or through options imbedded in a swap contract or forward contract) that it expects to expire worthless. Additionally, while the Adviser expects options to be held to expiration, it may adjust positions following a large (over 10%) price swing in an option’s reference asset price.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">A put option gives the owner the right, but not the obligation, to sell a reference asset at a specified price (strike price) within, or at the end of, a specific time period. An at-the-money put option has a strike price equal to the current price of the reference asset. An out-of-the-money put option has a strike price below the current price of the reference asset. By selling put options in return for the receipt of premiums (the purchase price of an option), the Adviser attempts to increase Fund income as the passage of time decreases the value of the written options. For example, if a written option expires worthless, the entire premium received is income to the Fund. While derivative-based gains are considered capital gains under GAAP (generally accepted accounting principles) they are commonly described as income by securities market participants. The Fund has adopted the market convention of describing option premium as income. The option writing strategy is a form of leveraged investing. The Adviser primarily considers options, swaps and forwards with up to two years to maturity. However, the Adviser anticipates concentrating on options (whether direct or imbedded in a swap or forward) with shorter maturities because the option value erodes faster than with long-term options. For example, the option premium received by the Fund for writing a sequence of one-year options would be larger than the option premium received by the Fund for writing a single two-year option.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">When writing options or entering into swap and forward contracts, the Fund is required to post collateral to assure its performance to the counterparty. The Fund will hold cash and cash-like instruments or high-quality short term fixed income securities (collectively, “Collateral”). The Collateral may consist of (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) fixed income ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by companies that are rated investment grade or of comparable quality. The Adviser considers an unrated security to be of comparable quality to a security rated investment grade if it believes it has a similar low risk of default. The Adviser may invest in affiliated money market ETFs to pledge as collateral for derivatives.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended, which means that the Fund may invest a higher percentage of its assets in a fewer number of issuers than is permissible for a “diversified” fund.</p> <p id="xdx_A86_eoef--RiskTextBlock_zI7EH6qRw3g1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Principal Investment Risks:</b> <i><span id="xdx_909_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000091620Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zNNTYlG5Jhm9">As with all funds, there is the risk that you could lose money through your investment in the Fund.</span> Many factors affect the Fund’s NAV and price of Shares and performance.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following describes the risks the Fund bears with respect to its investments. <span id="xdx_906_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000091620Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zvWidf2t8n6">As with any fund, there is no guarantee that the Fund will achieve its goal.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 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. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zABStoxX4eNe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Active Management Risk.</i> The Fund is subject to the risk that the investment management strategy may not produce the intended results and may negatively impact Fund performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zoEfVwYQFg0g" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Equity Securities Risk.</i> Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. The equity securities linked to options held or written by the Fund may experience sudden, unpredictable drops in value or long periods of decline in value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zuIDlINkluv6" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><i>Market and Geopolitical Risk.</i> 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, natural disasters, pandemics, epidemics, terrorism, international conflicts and wars, 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zkeak005mXrb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Derivatives Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionRiskMember_zxlXuknUNCTa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Option Risk.</i> As the buyer of a put option, the Fund risks losing the entire premium invested in the option if the Fund does not exercise the option. Spread writing exposes the Fund to losses up to the amount between strike prices of the purchased option and the written option. Barrier put spread writing exposes the Fund to sudden and significant losses if the barrier is breached. This risk is amplified in a “worst of” put spread strategy because one of the reference assets may significantly underperform the others.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapsRiskMember_zcxJDDYdbMj5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Swaps Risk</i>. Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForwardContractRiskMember_zp9qKmHdyrA6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Forward Contract Risk.</i> A decision as to whether, when, and how to use forward contracts involves the exercise of skill and judgment and even a well-conceived forward contract transaction may be unsuccessful because of market behavior or unexpected events. The primary risks associated with the use of forward contracts, which may adversely affect the Fund are possible lack of a liquid secondary market and the possibility that the counterparty will default.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zIY0zqgmoRyk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Counterparty Risk.</i> Counterparty risk is the risk that a counterparty to a financial instrument held by the Fund or by a special purpose or structured vehicle invested in by the Fund may become insolvent or otherwise fail to perform its obligations, and the Fund may obtain no or limited recovery of its investment, and any recovery may be significantly delayed.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zBr6YcuA4vO9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Leverage Risk.</i> The use of leverage by the Fund, such as through the use of options, will cause the Fund to incur additional expenses and magnify the Fund’s gains or losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LimitedHistoryRiskMember_zvf0cSKC8V33" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Limited History Risk.</i> The Fund is a new ETF and has a limited history of operations for investors to evaluate.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--OverthecounterMarketRiskMember_zZlD1STmz4Qk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Over-the-Counter Market Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--DistributionPolicyRiskMember_zOX6RDeQ2D5g" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><i>Distribution Policy Risk</i>. The Fund’s distribution policy is not guaranteed to generate distributions that equal a fixed percentage of the Fund’s current net asset value per share. There is no guarantee that the Adviser will be successful in its attempt to have the Fund’s distribution payments meet the target without some return of capital. Shareholders receiving periodic payments from the Fund may be under the impression that they are receiving net profits.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><i>Tax Risk</i>. All or a portion of a distribution may consist of a return of capital (i.e., from your original investment). Shareholders should not assume that the source of a distribution from the Fund is net profit. Shareholders should note that return of capital will reduce the tax basis of their Shares and potentially increase the taxable gain, if any, upon disposition of their Shares.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMediumCapitalizationRiskMember_zjWXJwgRc2Lf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Small and Medium Capitalization Risk.</i> The Fund is indirectly exposed to small and medium capitalization companies through its option spread strategies. 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompaniesRiskMember_zhT8FGqQfYqa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Large Capitalization Companies Risk</i>. The Fund is indirectly exposed to large capitalization companies through its option spread strategies. Large capitalization companies may grow at a slower rate and be less able to adapt to changing market conditions than smaller capitalization companies. Thus, the return on investment in securities of large capitalization companies may be less than the return on investment in securities of small and/or mid capitalization companies. The performance of large capitalization companies also tends to trail the overall market during different market cycles.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedFundRiskMember_zxWhJ57zV9gk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Non-Diversified Fund Risk.</i> <span id="xdx_901_eoef--RiskTextBlock_c20261028__20261028__dei--LegalEntityAxis__custom--S000091620Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_z2qTZ031RaBh">Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><i>Issuer Specific Risk</i>. The value of a specific equity security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of equity securities of smaller issuers can be more volatile than those of larger issuers. The value of certain types of equity securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_ztOeldSmpESf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Fixed Income Securities Risk.</i> The value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryAndAgencyMarketRiskMember_zHonMofD9CX7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>U.S. Treasury and Agency Market Risk.</i> Similar to other debt instruments, U.S. Treasury and agency obligations are subject to debt instrument risk and interest rate risk. In addition, changes to the financial condition or credit rating of the U.S. Government may cause the value of U.S. Treasury and agency obligations to decline. Typically, U.S. agency obligations are not backed by the full faith and credit of the U.S. Treasury.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundRiskMember_zwUZoFjA5xte" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Underlying Fund Risk.</i> Other investment companies, i.e. ETFs and money market funds (“Underlying Funds”) 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 Underlying Funds and may be higher than other mutual funds that invest directly.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zTAQ01QOrK1h" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Early Close/Trading Halt Risk.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfStructureRisksMember_zo3rMOX3Olzb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>ETF Structure Risks:</i> The Fund is structured as an ETF and may invest in underlying ETFs. As a result, the Fund is subject to the special risks, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><i>Not Individually Redeemable</i>. The Fund’s Shares are not redeemable by retail investors and may be redeemed only by Authorized Participants at NAV and only in Creation Units. A retail investor generally incurs brokerage costs when selling Shares.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><i>Trading Issues</i>. Trading in Shares on 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><i>Market Price Variance Risk</i>. 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 in 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.75in; text-align: right; vertical-align: top"></td> <td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">○</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in">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 Shares’ NAV.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.75in; text-align: right; vertical-align: top"></td> <td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">○</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in">The market price of the Shares may deviate from NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Shares than NAV, which is reflected in the bid and ask price for the Shares or in the closing price.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.75in; text-align: right; vertical-align: top"></td> <td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">○</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in">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 NAV.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in; text-align: right; vertical-align: top"></td> <td style="vertical-align: top; width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in"><i>Authorized Participant Risk.</i> 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--AffiliatedMoneyMarketEtfConflictOfInterestRiskMember_zBY3qYLD3rq2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Affiliated Money Market ETF Conflict of Interest Risk.</i> 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_A8D_eoef--PerformanceNarrativeTextBlock_zPkkD1xhw2jl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Performance:</b> <span id="xdx_90D_eoef--PerformanceOneYearOrLess_c20261028__20261028__dei--LegalEntityAxis__custom--S000091620Member_zKZd46Csd64i">Performance information will be available in the prospectus after the Fund has been in operation for one full calendar year.</span> <span id="xdx_90F_eoef--PerformancePastDoesNotIndicateFuture_c20261028__20261028__dei--LegalEntityAxis__custom--S000091620Member_zsGTGpO7aQXb">Past performance is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information will be available at no cost by visiting <span id="xdx_908_eoef--PerformanceAvailabilityWebSiteAddress_c20261028__20261028__dei--LegalEntityAxis__custom--S000091620Member_znxLQnaWKsf5"><span style="text-decoration: underline">www.simplify.us</span></span> or by calling <span id="xdx_906_eoef--PerformanceAvailabilityPhone_c20261028__20261028__dei--LegalEntityAxis__custom--S000091620Member_zho64yrL9iYb">1 (855) 772-8488</span>.</p> Performance information will be available in the prospectus after the Fund has been in operation for one full calendar year. Past performance is not necessarily an indication of how the Fund will perform in the future. www.simplify.us 1 (855) 772-8488 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. 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. The Fund’s adviser has contractually agreed, through at least October 31, 2027, to waive its management fees to 0.65% of the Fund’s average daily net assets. This agreement may be terminated only by the Trust’s Board of Trustees on 60 days’ written notice to the Fund’s adviser. Other Expenses includes interest expenses of 0.46%. 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. 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. Other Expenses includes interest expenses of 0.04%. 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. The Fund’s adviser has contractually agreed, through at least October 31, 2027, to waive its management fees to 0.70% of the Fund’s average daily net assets. This agreement may be terminated only by the Trust’s Board of Trustees on 60 days’ written notice to the Fund’s adviser. 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. 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. 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. The Fund’s adviser has contractually agreed, through at least October 31, 2027, to waive its management fees to 0.45% of the Fund’s average daily net assets. This agreement may be terminated only by the Trust’s Board of Trustees on 60 days’ written notice to the Fund’s adviser. 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. Other Expenses includes interest expenses of 0.01%. The Fund’s adviser has contractually agreed, through at least October 31, 2027, to waive its management fees to 0.45% of the Fund’s average daily net assets. This agreement may be terminated only by the Trust’s Board of Trustees on 60 days’ written notice to the Fund’s adviser. 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. 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. 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. 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. 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. 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. The Fund’s adviser has contractually agreed, through at least October 31, 2027, to waive its management fees to 0.70% of the Fund’s average daily net assets. This agreement may be terminated only by the Trust’s Board of Trustees on 60 days’ written notice to the Fund’s adviser. 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. 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. 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. 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. The Fund’s adviser has contractually agreed, through at least October 31, 2027, to waive its management fees to 0.65% of the Fund’s average daily net assets. This agreement may be terminated only by the Trust’s Board of Trustees on 60 days’ written notice to the Fund’s adviser. 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. The Fund’s adviser has contractually agreed, through at least October 31, 2027, to waive its management fees to 0.25% of the Fund’s average daily net assets. This agreement may be terminated only by the Trust’s Board of Trustees on 60 days’ written notice to the Fund’s adviser. 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. 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. 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. 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. 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. Other Expenses include interest expenses of 0.11%. 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. Other Expenses includes interest expenses of 0.01%. The Fund’s adviser has contractually agreed, through at least October 31, 2027, to waive its management fee to 0.75% of the Fund’s average daily net assets. This agreement may be terminated only by the Trust’s Board of Trustees on 60 days’ written notice to the Fund’s adviser. 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. 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. The Fund has agreed to pay the Adviser as compensation under a management agreement a monthly advisory fee (as a percentage of daily net assets) computed at the annual rate of 2.75% on assets up to $1 billion; 2.50% on assets over $1 billion and less than $5 billion; 2.00% on assets over $5 billion and less than $10 billion; and 1.00% on assets over $10 billion. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will 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. The Adviser and sub-adviser have each agreed to waive its respective advisory and sub-advisory fee by 0.25% on an annualized basis through October 31, 2027. This waiver may be terminated by the Trust’s Board of Trustees on 60 days’ written notice to the Adviser and sub-adviser and will terminate automatically if the management agreement or sub-advisory agreement is terminated. 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. The Fund’s adviser has contractually agreed, until at least October 31, 2027, to waive its management fees to 0.70% of the Fund’s average daily net assets. This agreement may be terminated only by the Trust’s Board of Trustees on 60 days’ written notice to the Fund’s adviser. 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. The Fund’s adviser has contractually agreed, through at least October 31, 2027, to waive its management fees to 0.70% of the Fund’s average daily net assets. This agreement may be terminated only by the Trust’s Board of Trustees on 60 days’ written notice to the Fund’s adviser.