FIG

Simplify Macro Strategy ETF

as of 09/20/2023

NAV

$ 22.74

NAV Change

- $ 0.10 /0.44%

Price

$ 22.77

Price Change

- $ 0.06 /0.26%

The Simplify Macro Strategy ETF (FIG) is a modern take on the balanced portfolio, built to help navigate today’s toughest asset allocation challenges.

With strong potential headwinds to bonds, stretched equity valuations, continued inflationary pressures, and an increasingly fragile market structure, the classic balanced portfolio may have challenging years ahead.

FIG addresses these concerns by creating a robust portfolio comprised of equities with positive convexity, diversified and inflation-hedging managed futures, and a suite of income sources with low sensitivity to duration.

The fund will also opportunistically invest in equity, credit, interest rate, and FX derivatives (listed and OTC) to capitalize on attractive idiosyncratic market dislocations.

FIG Fund Deep Dive Live - Discussion with FIG Portfolio Manager Mike Green, CFA

Fund Overview

As of 09/20/2023

Ticker Symbol

FIG

Gross Expense Ratio

0.97%

Net Expense Ratio

0.72%

CUSIP

82889N715

Total Assets

$43,203,115.30

Shares Outstanding

1,900,001

Distribution Yield as of 08/31/2023 Distribution yield 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 yield.

3.67%

Distribution Frequency

Monthly

SEC 30-Day Yield as of 08/31/2023 SEC 30-day Yield is available once fund has a full quarter of performance.

SEC 30-Day Yield Close

SEC 30-day Yield is available once fund has a full quarter of performance.

3.67%

Unsubsidized 30-Day SEC Yield as of 08/31/2023

3.72%

Options Available

Inception Date

05/16/2022

Premium/Discount (%) as of 09/20/2023

0.14%

NAV Per Share as of 09/20/2023

$22.74

Market Price as of 09/20/2023

$22.77

30-Day Median Bid-Ask Spread

0.57%

Bid/Ask

$22.55/$22.89

Midpoint Price

$22.72

Volume

7,735

NAV Symbol

FIG.NV

IOPV Symbol

FIG.IV

Shares Out. Symbol

FIG.SO

Schedule K-1

The Fund’s adviser has contractually agreed, until at least October 31, 2023, to waive its management fees and/or pay certain expenses, in order to limit specified expenses to 0.50% of the Fund’s average daily net assets.

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	0.75%
Distribution and Service (12b-1) Fees	0.00%
Acquired Fund Fees and Expenses¹	0.22%
Total Annual Fund Operating Expenses	0.97%
Fee Waiver and/or Expense Reimbursement²	(0.25)%
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement	0.72%

1. Acquired Fund Fees and Expenses, which are estimated for the Fund’s initial fiscal period, 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 located in the prospectus because the financial statements include only the direct operating expenses incurred by the Fund.

2. The Fund’s adviser has contractually agreed, until at least October 31, 2023, to waive its management fees and/or pay or absorb the Fund’s expenses, in order to limit the amount of “Specified Expenses” borne by the Fund to 0.50% of the Fund’s average daily net assets. “Specified Expenses” means all ordinary operating expenses of the Fund, including management fees, except for interest expenses, taxes, brokerage expenses, Rule 12b-1 fees (if any), acquired fund fees and expenses, and expenses incidental to a meeting of the Fund’s shareholders. The fee waiver is subject to recoupment if such recoupment can be achieved within the lesser of the foregoing expense limits or those in place at the time of recapture. Any waived fees may be recouped within three years from the date when the amount was waived or reimburses. This agreement may be terminated only by the Trust’s Board of Trustees on 60 days’ written notice to the Fund’s adviser.

Fund Performance

As of 08/31/2023 06/30/2023

Monthly Quarterly

Cumulative	1 Month	3 Month	6 Month	YTD	1 Year	Since Inception
NAV	-1.37%	-2.19%	-0.21%	0.34%	-2.85%	-2.98%
Market Price	-2.31%	-2.68%	-1.14%	-0.33%	-3.89%	-3.56%

Annualized	1 Year	3 Year	Since Inception
NAV	-2.85%	—	-2.31%
Market Price	-3.89%	—	-2.77%

Cumulative	1 Year	Since Inception
NAV	3.94%	-1.89%
Market Price	4.33%	-1.57%

Annualized	1 Year	3 Year	5 Year	Since Inception
NAV	3.94%	—	—	-1.68%
Market Price	4.33%	—	—	-1.40%

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.

Historical Premium/Discount

	Calendar Year 2022	2nd Quarter of 2023
Days Traded at Premium	109	53
Days Traded at Discount	49	9

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 09/20/2023

Ticker	Name	Quantity	Weight
AGGH	SIMPLIFY AGGREGATE BOND E	130832	6.65%
CDX	SIMPLIFY HIGH YIELD PL CR	352075	17.90%
CTA	SIMPLIFY MANAGED FUTURES	240328	15.22%
EQLS	SIMPLIFY MKT NTRL EQ L/S	86368	4.78%
HARD	SIMPLIFY COMMODITIES STR	113437	6.67%
IAU	ISHARES GOLD TRUST	69851	5.92%
TUA	SIM ST TREAS FUT STRAT ET	342917	17.21%
TYA	SIMPLIFY INTERMEDIATE TER	176624	5.37%
SFRZ3 COM	3 MONTH SOFR FUT Dec23	450	-0.23%
AN US 10/20/23 P110	AN Oct 2023 110 Put	100	0.00%
CVNA US 10/20/23 C55	CVNA Oct 2023 55 Call	-100	-0.04%
CVNA US 10/20/23 P55	CVNA Oct 2023 55 Put	100	0.30%
IWM US 12/29/23 P150	IWM Dec 2023 150 Put	-3000	-0.57%
IWM US 12/29/23 P165	IWM Dec 2023 165 Put	1500	0.77%
NVDA US 10/20/23 P300	NVDA Oct 2023 300 Put	307	0.02%
SFRZ3C 94.5000 Comdty	SFRZ3C 94.5000 Comdty	450	0.23%
SFRZ3C 95.0000 Comdty	SFRZ3C 95.0000 Comdty	-1350	-0.16%
SPY US 10/20/23 C425	SPY Oct 2023 425 Call	370	1.52%
SPY US 12/29/23 P330	SPY Dec 2023 330 Put	1000	0.16%
SPY US 12/29/23 P350	SPY Dec 2023 350 Put	-2000	-0.46%
SPY US 12/29/23 P370	SPY Dec 2023 370 Put	-2000	-0.72%
SPY US 12/29/23 P390	SPY Dec 2023 390 Put	2000	1.18%
VIX US 10/18/23 C35	VIX Oct 2023 35 Call	963	0.03%
VIX US 10/18/23 C55	VIX Oct 2023 55 Call	-963	-0.02%
-	TREASURY BILL DN 10/23	3000000	6.93%
-	FIDELITY INV MMTRSY 1 680	128107	0.30%
-	TSY INFL IX N/ 0.125 2/52	4100000	6.12%
-	Estimated Cash	2119060	4.90%

Holdings are subject to change without notice.

Recent Distributions

Ex-Dividend Date	Record Date	Payable Date	Ordinary Income	Short Term Capital Gains	Long Term Capital Gains	Return of Capital	Total Distribution
08/28/2023	08/29/2023	08/31/2023	$0.07000	$0.00000	$0.00000	$0.00000	$0.07000
07/26/2023	07/27/2023	07/31/2023	$0.07000	$0.00000	$0.00000	$0.00000	$0.07000
06/27/2023	06/28/2023	07/03/2023	$0.07000	$0.00000	$0.00000	$0.00000	$0.07000
05/25/2023	05/26/2023	05/31/2023	$0.07000	$0.00000	$0.00000	$0.00000	$0.07000
04/25/2023	04/26/2023	04/28/2023	$0.07000	$0.00000	$0.00000	$0.00000	$0.07000

View Distribution History

DISTRIBUTION CALENDAR

NAV

NAV Change

Price

Price Change

Documents

FIG Fund Deep Dive Live - Discussion with FIG Portfolio Manager Mike Green, CFA

SEC 30-Day Yield Close

Register for Simplify's Investor Hub

FIG

Simplify Macro Strategy ETF

NAV

NAV Change

Price

Price Change

Documents

FIG Fund Deep Dive Live - Discussion with FIG Portfolio Manager Mike Green, CFA

Fund Overview

Distribution Yield Close

SEC 30-Day Yield Close

The Fund’s adviser has contractually agreed, until at least October 31, 2023, to waive its management fees and/or pay certain expenses, in order to limit specified expenses to 0.50% of the Fund’s average daily net assets.

Management Fees

Fund Performance

Historical Premium/Discount

Portfolio Holdings

Holdings are subject to change without notice.

Recent Distributions

Register for Simplify's Investor Hub