CAS

Simplify China A Shares PLUS Income ETF

As of 01/16/2026

NAV

$ 26.35

NAV Change

- $ 0.08 /0.30%

Price

$ 26.47

Price Change

- $ 0.29 /1.08%

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 01/16/2026

Ticker Symbol

CAS

Expense Ratio

0.88%

CUSIP

82889N384

Total Assets

$10,538,077.54

Shares Outstanding

400,001

Distribution Rate as of 12/31/2025 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.

508.93%

Distribution Frequency

Monthly

30-Day SEC Yield (Subsidized) as of 12/31/2025

30-Day SEC Yield (Unsubsidized) as of 12/31/2025

3.76%

Options Available

Inception Date

01/13/2025

Premium/Discount (%) as of 01/16/2026

0.47%

NAV Per Share as of 01/16/2026

$26.35

Market Price as of 01/16/2026

$26.47

30-Day Median Bid-Ask Spread

0.23%

Bid/Ask

$26.45/$26.53

Midpoint Price

$26.49

Volume

867

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 100% 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 12/31/2025 12/31/2025

Monthly Quarterly Annually

Cumulative	1 Month	3 Month	6 Month	YTD	1 Year	Since Inception
NAV	4.51%	3.76%	22.78%	—	—	49.62%
Market Price	4.59%	4.02%	23.18%	—	—	50.34%

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

Cumulative	1 Year	Since Inception
NAV	—	49.62%
Market Price	—	50.34%

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

Calendar Year	NAV	Market Price
2025	—	—

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 2025	4th Quarter of 2025
Days Traded at Premium	104	40
Days Traded at Discount	139	24

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 01/16/2026

Ticker	Name	Quantity	Weight
SBIL	SIMPLIFY E GOVT MONEY MKT ETF	35,500	33.78%
NDXP US 01/28/26 P23100	NDXP Jan 2026 23100 Put	1	0.01%
NDXP US 01/28/26 P24100	NDXP Jan 2026 24100 Put	-1	-0.03%
NDXP US 01/30/26 P23200	NDXP Jan 2026 23200 Put	1	0.02%
NDXP US 01/30/26 P24200	NDXP Jan 2026 24200 Put	-1	-0.06%
RUTW US 01/28/26 P2415	RUTW Jan 2026 2415 Put	11	0.01%
RUTW US 01/28/26 P2515	RUTW Jan 2026 2515 Put	-11	-0.02%
RUTW US 01/30/26 P2440	RUTW Jan 2026 2440 Put	11	0.02%
RUTW US 01/30/26 P2540	RUTW Jan 2026 2540 Put	-11	-0.06%
SPXW US 01/20/26 P6775	SPXW Jan 2026 6775 Put	14	0.00%
SPXW US 01/21/26 C6995	SPXW Jan 2026 6995 Call	15	0.07%
SPXW US 01/28/26 P6350	SPXW Jan 2026 6350 Put	3	0.00%
SPXW US 01/28/26 P6650	SPXW Jan 2026 6650 Put	-3	-0.02%
SPXW US 01/30/26 C7050	SPXW Jan 2026 7050 Call	12	0.20%
SPXW US 01/30/26 P6385	SPXW Jan 2026 6385 Put	3	0.01%
SPXW US 01/30/26 P6685	SPXW Jan 2026 6685 Put	-3	-0.03%
SPXW US 03/20/26 C7275	SPXW Mar 2026 7275 Call	4	0.12%
SPXW US 03/20/26 C7360	SPXW Mar 2026 7360 Call	10	0.17%
SPXW US 03/31/26 C7350	SPXW Mar 2026 7350 Call	4	0.10%
-	CSIN0300TRS-2.501015	2,521	23.11%
-	C932000NSOFR-18.0415	3,425	17.33%
-	ECSIN0905	1,130	15.29%
-	CSIN0905TRS-10.00101	1,126	15.23%
-	CSIN0852TRS-13.00101	1,118	14.18%
-	ECSIN0300	1,335	12.24%
-	EC932000N	515	2.61%
-	EC932000N 00001	-274,397	-2.60%
-	ECSIN0300 00001	-1,293,664	-12.28%
-	CSIN0852TRS-13.00101	-1,312,377	-12.45%
-	CSIN0905TRS-10.00101	-1,372,479	-13.02%
-	ECSIN0905 00001	-1,608,521	-15.26%
-	C932000NSOFR-18.0415	-1,623,376	-15.40%
-	CSIN0300TRS-2.501015	-2,313,816	-21.96%
T Bills	UNITED STS TREAS BILLS 0.0 24FEB26	1,450,000	13.71%
T Bills	UNITED STS TREAS BILLS 0.0 17MAR26	1,100,000	10.38%
T Bills	UNITED STS TREAS BILLS 0.0 31MAR26	2,700,000	25.44%
T Bills	UNITED STS TREAS BILLS 0.0 19MAY26	550,000	5.16%
-	Estimated Cash	421,310	4.00%

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	$10.49880
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

Why Register?