CAS

Simplify China A Shares PLUS Income ETF

As of 12/05/2025

NAV

$ 33.97

NAV Change

+ $ 0.44 /1.31%

Price

$ 34.04

Price Change

+ $ 0.48 /1.43%

The Simplify China A Shares PLUS Income ETF (CAS) invests primarily in China A share equities, which are listed on mainland China exchanges in Shenzhen, Shanghai and Beijing. They offer a much more diverse opportunity set across industries and market capitalizations than share classes normally offered to foreign investors. Exposure is gained via total return swaps, which offer a unique source of additional returns via favorable funding rates.

A risk-managed options strategy is layered on top of the equities creating income by writing short term spreads on a variety of underlying assets, including equity, fixed income and commodity indices or ETFs.

Documents

Fund Overview

As of 12/05/2025

Ticker Symbol

CAS

Gross Expense Ratio

0.88%

CUSIP

82889N384

Total Assets

$12,737,605.60

Shares Outstanding

375,001

Distribution Rate as of 09/30/2025 Distribution rate calculation employs the most recent distribution, and multiplies the payment by 12 (monthly) or 4 (quarterly) to get an annualized total. The annualized total is then divided by the most recent net asset value (NAV) to determine the distribution rate.

5.67%

Distribution Frequency

Monthly

30-Day SEC Yield (Subsidized) as of 10/31/2025

30-Day SEC Yield (Unsubsidized) as of 10/31/2025

3.26%

Options Available

Inception Date

01/13/2025

Premium/Discount (%) as of 12/05/2025

0.22%

NAV Per Share as of 12/05/2025

$33.97

Market Price as of 12/05/2025

$34.04

30-Day Median Bid-Ask Spread

0.20%

Bid/Ask

$33.96/$34.14

Midpoint Price

$34.05

Volume

NAV Symbol

CAS.NV

IOPV Symbol

CAS.IV

Shares Out. Symbol

CAS.SO

Schedule K-1

The Distribution Rate is the annual rate an investor would receive if the most recently declared distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by multiplying an ETF’s Distribution per Share by twelve (12), and dividing the resulting amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distribution includes an estimated 76% Return of Capital ("ROC"). The ROC percentage indicates the percentage of the distribution that reflects an investor's initial investment.

Management Fees

This table describes the fees and expenses that you may pay if you buy, sell, and hold shares of the Fund. Investors purchasing or selling shares of the Fund in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker. The fee table located in the prospectus and updates in prospectus supplements prevail.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fees	0.88%
Distribution and Service (12b-1) Fees	0.00%
Total Annual Fund Operating Expenses	0.88%

Fund Performance (Total Return)

As of 10/31/2025 09/30/2025

Monthly Quarterly

Cumulative	1 Month	3 Month	6 Month	YTD	1 Year	Since Inception
NAV	1.15%	18.68%	35.44%	—	—	45.86%
Market Price	1.08%	19.27%	35.88%	—	—	46.09%

Annualized	1 Year	3 Year	Since Inception
NAV	—	—	—
Market Price	—	—	—

Cumulative	1 Year	Since Inception
NAV	—	44.19%
Market Price	—	44.53%

Annualized	1 Year	3 Year	5 Year	Since Inception
NAV	—	—	—	—
Market Price	—	—	—	—

The performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance data for the most recent month-end is available above.

NAV: The dollar value of a single share, based on the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. Calculated at the end of each business day.

Market Price: The current price at which shares are bought and sold. Market returns are based upon the last trade price.

Growth of $10,000

The Growth of $10,000 chart reflects a hypothetical investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted. Results are not indicative of future performance.

Historical Premium/Discount

	Calendar Year 2024	3rd Quarter of 2025
Days Traded at Premium	N/A	16
Days Traded at Discount	N/A	48

The above frequency distribution chart presents information about the difference between the daily market price for shares of the Fund and the Fund's reported Net Asset Value. The amount that the Fund's market price is above the reported NAV is called the premium. The amount that the Fund's market price is below the reported NAV is called the discount. The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated (usually 4:00 p.m. EST). The horizontal axis of the chart shows the premium or discount expressed in basis points. The vertical axis indicates the number of trading days in the period covered by the chart. Each bar in the chart shows the number of trading days in which the Fund traded within the premium/discount range indicated.

Portfolio Holdings

As of 12/05/2025

Ticker	Name	Quantity	Weight
SBIL	SIMPLIFY E GOVT MONEY MKT ETF	49,500	38.94%
NDXP US 12/17/25 P23100	NDXP Dec 2025 23100 Put	1	0.01%
NDXP US 12/17/25 P23300	NDXP Dec 2025 23300 Put	1	0.01%
NDXP US 12/17/25 P24100	NDXP Dec 2025 24100 Put	-1	-0.02%
NDXP US 12/17/25 P24300	NDXP Dec 2025 24300 Put	-1	-0.03%
NDXP US 12/19/25 P23400	NDXP Dec 2025 23400 Put	1	0.01%
NDXP US 12/19/25 P24400	NDXP Dec 2025 24400 Put	-1	-0.05%
RUTW US 12/17/25 P2225	RUTW Dec 2025 2225 Put	13	0.01%
RUTW US 12/17/25 P2270	RUTW Dec 2025 2270 Put	13	0.01%
RUTW US 12/17/25 P2325	RUTW Dec 2025 2325 Put	-13	-0.02%
RUTW US 12/17/25 P2370	RUTW Dec 2025 2370 Put	-13	-0.04%
RUTW US 12/19/25 P2280	RUTW Dec 2025 2280 Put	13	0.02%
RUTW US 12/19/25 P2380	RUTW Dec 2025 2380 Put	-13	-0.06%
SPXW US 12/09/25 C6935	SPXW Dec 2025 6935 Call	33	0.04%
SPXW US 12/12/25 C6980	SPXW Dec 2025 6980 Call	18	0.11%
SPXW US 12/12/25 P6500	SPXW Dec 2025 6500 Put	17	0.02%
SPXW US 12/17/25 P6225	SPXW Dec 2025 6225 Put	4	0.01%
SPXW US 12/17/25 P6275	SPXW Dec 2025 6275 Put	4	0.01%
SPXW US 12/17/25 P6525	SPXW Dec 2025 6525 Put	-4	-0.02%
SPXW US 12/17/25 P6575	SPXW Dec 2025 6575 Put	-4	-0.02%
SPXW US 12/19/25 C7000	SPXW Dec 2025 7000 Call	19	0.26%
SPXW US 12/19/25 P6300	SPXW Dec 2025 6300 Put	4	0.01%
SPXW US 12/19/25 P6600	SPXW Dec 2025 6600 Put	-4	-0.04%
-	DCSIN0300	2,521	18.21%
-	CCSIN0300	2,521	18.21%
-	DC932000N	3,426	12.72%
-	CC932000N	3,425	12.71%
-	CCSIN0905	1,126	10.70%
-	DCSIN0905	1,126	10.70%
-	CCSIN0852	1,118	10.30%
-	DCSIN0852	1,118	10.30%
-	CCSIN0852 00001	-1,337,377	-10.50%
-	DCSIN0852 00001	-1,337,377	-10.50%
-	DCSIN0905 00001	-1,382,159	-10.85%
-	CCSIN0905 00001	-1,382,159	-10.85%
-	CC932000N 00001	-1,651,406	-12.96%
-	DC932000N 00001	-1,651,888	-12.97%
-	CCSIN0300 00001	-2,312,471	-18.15%
-	DCSIN0300 00001	-2,312,471	-18.15%
T Bills	UNITED STS TREAS BILLS 0.0 08JAN26	2,000,000	15.65%
T Bills	UNITED STS TREAS BILLS 0.0 24FEB26	2,000,000	15.58%
T Bills	UNITED STS TREAS BILLS 0.0 17MAR26	1,100,000	8.55%
T Bills	UNITED STS TREAS BILLS 0.0 31MAR26	2,700,000	20.96%
-	Estimated Cash	149,545	1.17%

Holdings are subject to change without notice.

Recent Distributions

Ex-Dividend Date	Record Date	Payable Date	Total Distribution
12/23/2025	12/23/2025	12/31/2025	N/A
11/21/2025	11/21/2025	11/28/2025	$1.00000
09/25/2025	09/25/2025	09/30/2025	$0.50000
06/25/2025	06/25/2025	06/30/2025	$0.24000
03/26/2025	03/26/2025	03/31/2025	$0.00000

View Distribution History

DISTRIBUTION CALENDAR

S19(a) Notices Data in the s19 reports should not be relied upon to estimate the tax classification of distributions. They are rough point-in-time estimates that do not line up with the fund's fiscal year end and are thus not reflective of the tax information investors should expect. S19 reports are posted for regulatory requirements only.

S19(a) Notices Close

Data in the s19 reports should not be relied upon to estimate the tax classification of distributions. They are rough point-in-time estimates that do not line up with the fund's fiscal year end and are thus not reflective of the tax information investors should expect. S19 reports are posted for regulatory requirements only.

CAS

Simplify China A Shares PLUS Income ETF

NAV

NAV Change

Price

Price Change

Documents

Harnessing the Red Dragon: Making China’s Equity Market Structure Work For Better Returns

Fund Overview

Distribution Rate Close

Management Fees

Fund Performance (Total Return)

Growth of $10,000

The Growth of $10,000 chart reflects a hypothetical investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted. Results are not indicative of future performance.

Historical Premium/Discount

Portfolio Holdings

Holdings are subject to change without notice.

Recent Distributions

S19(a) Notices Close

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