LITL

Simplify Piper Sandler US Small-Cap PLUS Income ETF

As of 01/21/2026

NAV

$ 30.86

NAV Change

+ $ 0.63 /2.08%

Price

$ 30.84

Price Change

+ $ 0.61 /2.02%

The Simplify Piper Sandler US Small-Cap PLUS Income ETF (LITL) seeks to provide capital appreciation and income through an actively managed opportunistic strategy combined with a risk-managed income generating option strategy.

The fund’s subadvisor Piper Sandler utilizes a macro-driven model to select stocks according to style factors that have historically been favorable in the current economic environment.

A risk-managed options selling strategy is then overlayed on top to provide additional income and total return potential.

Fund Overview

As of 01/21/2026

Ticker Symbol

LITL

Expense Ratio

0.91%

CUSIP

82889N327

Total Assets

$6,173,001.20

Shares Outstanding

200,001

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.

3.31%

Distribution Frequency

Monthly

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

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

0.41%

Options Available

Inception Date

04/28/2025

Premium/Discount (%) as of 01/21/2026

-0.08%

NAV Per Share as of 01/21/2026

$30.86

Market Price as of 01/21/2026

$30.84

30-Day Median Bid-Ask Spread

0.40%

Bid/Ask

$30.80/$30.93

Midpoint Price

$30.87

Volume

735

NAV Symbol

LITL.NV

IOPV Symbol

LITL.IV

Shares Out. Symbol

LITL.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 69% 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	0.90%
Distribution and Service (12b-1) Fees	0.00%
Other Expenses¹	0.00%
Acquired Fund Fees and Expenses²	0.01%
Total Annual Fund Operating Expenses	0.91%

1. Other Expenses are estimated for the Fund’s initial fiscal year.
2. Acquired Fund Fees and Expenses, which are estimated for the Fund’s initial fiscal year, 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.

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	0.99%	4.48%	8.16%	—	—	19.25%
Market Price	1.05%	4.42%	7.78%	—	—	18.67%

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

Cumulative	1 Year	Since Inception
NAV	—	19.25%
Market Price	—	18.67%

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	142	49
Days Traded at Discount	29	15

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 01/21/2026

Ticker	Name	Quantity	Weight
IWM	ISHARES RUSSELL 2000 ETF	395	1.71%
ACAD	ACADIA PHARMACEUTICALS I USD 0.0001	1,370	0.59%
ACIC	AMERICAN COASTAL INS COR USD 0.0001	3,165	0.58%
ACLS	AXCELIS TECHNOLOGIES INC USD 0.001	418	0.63%
ADMA	ADMA BIOLOGICS INC USD 0.0001	2,015	0.57%
ALH	ALLIANCE LAUNDRY HLDGS INC NPV	1,684	0.59%
ALKS	ALKERMES PLC USD 0.01	1,275	0.70%
ALRM	ALARM COM HLDGS INC NPV	703	0.56%
ANF	ABERCROMBIE + FITCH CO USD 0.01	291	0.47%
ATEX	ANTERIX INC USD 0.0001	1,620	0.63%
AUPH	AURINIA PHARMACEUTICALS INC NPV	2,347	0.56%
AVAH	AVEANNA HEALTHCARE HLDGS I USD 0.01	4,458	0.65%
BELFB	BEL FUSE INC USD 0.1	208	0.68%
BFH	BREAD FINL HLDGS INC USD 0.01	478	0.55%
BHRB	BURKE HERBERT FINL SVCS CO USD 0.01	583	0.62%
BLBD	BLUE BIRD CORP USD 0.0001	770	0.61%
CARG	CARGURUS INC USD 0.001	957	0.52%
CASH	PATHWARD FINL INC USD 0.01	501	0.63%
CBL	CBL + ASSO COM USD0.01	975	0.57%
CDNA	CAREDX INC USD 0.001	1,882	0.64%
CENT	CENTRAL GARDEN + PET CO USD 0.01	1,127	0.59%
CIVB	CIVISTA BANCSHARES INC NPV	1,646	0.63%
CMRE	COSTAMARE INC USD 0.0001	2,297	0.59%
COLL	COLLEGIUM PHARMACEUTICAL USD 0.001	791	0.60%
CPRX	CATALYST PHARMACEUTICALS USD 0.001	1,556	0.61%
CRDO	CREDO TECHNOLOGY GROUP USD 0.00005	252	0.57%
CRMD	CORMEDIX INC USD 0.001	2,962	0.35%
CRVL	CORVEL CORP USD 0.0001	548	0.62%
CSTL	CASTLE BIOSCIENCES INC USD 0.001	935	0.62%
CSTM	CONSTELLIUM SE EUR 0.02	1,822	0.68%
CTLP	CANTALOUPE INC NPV	3,373	0.59%
CWAN	CLEARWATER ANALYTICS HLDG USD 0.001	1,494	0.59%
CXM	SPRINKLR INC USD 0.00003	4,921	0.53%
DAVE	DAVE INC USD 0.0001	164	0.49%
DHIL	DIAMOND HILL INVT GROUP INC NPV	212	0.59%
DHT	DHT HOLDINGS INC USD 0.01	3,068	0.67%
DJCO	DAILY JOURNAL CORP USD 0.01	72	0.76%
ENS	ENERSYS USD 0.01	239	0.67%
EVER	EVERQUOTE INC USD 0.001	1,417	0.55%
FG	F+G ANNUITIES + LIFE INC USD 0.001	1,199	0.55%
FLR	FLUOR CORP NEW USD 0.01	864	0.63%
FOA	FINANCE OF AMER COS INC USD 0.0001	1,605	0.62%
FTK	FLOTEK INDS INC DEL USD 0.0001	2,113	0.58%
FUBO	FUBOTV INC USD 0.0001	13,908	0.58%
GCT	GIGACLOUD TECHNOLOGY INC USD 0.05	929	0.60%
GHC	GRAHAM HLDGS CO USD 1.0	33	0.64%
GIII	G-III APPAREL GROUP LTD USD 0.01	1,221	0.58%
GLDD	GREAT LAKES DREDGE + DOC USD 0.0001	2,717	0.65%
GRBK	GREEN BRICK PARTNERS INC USD 0.01	570	0.67%
GRDN	GUARDIAN PHARMACY SVCS INC USD 0.01	1,220	0.58%
GTN	GRAY MEDIA INC NPV	7,505	0.54%
GTX	GARRETT MOTION INC USD 0.001	2,073	0.62%
HBCP	HOME BANCORP INC USD 0.01	627	0.64%
HCI	HCI GROUP INC NPV	196	0.54%
HG	HAMILTON INSURANCE GROUP L USD 0.01	1,321	0.58%
HIPO	HIPPO HLDGS INC USD 0.0001	1,202	0.60%
HL	HECLA MNG CO USD 0.25	1,909	0.89%
HLF	HERBALIFE NUTRITION LTD USD 0.002	2,810	0.79%
HLIT	HARMONIC INC USD 0.001	3,595	0.59%
HRTG	HERITAGE INS HLDGS INC USD 0.0001	1,320	0.55%
IBEX	IBEX HOLDINGS LTD USD 0.0001	992	0.60%
IBOC	INTERNATIONAL BANCSHARES CO USD 1.0	539	0.62%
IBP	INSTALLED BLDG PRODS INC USD 0.01	135	0.67%
IBTA	IBOTTA INC USD 0.00001	1,573	0.62%
IDT	IDT CORP USD 0.01	712	0.57%
IESC	IES HLDGS INC USD 0.01	89	0.68%
IMMR	IMMERSION CORP USD 0.001	5,620	0.60%
INDV	INDIVIOR PLC USD 0.5	1,008	0.54%
IRMD	IRADIMED CORP USD 0.0001	377	0.63%
IRWD	IRONWOOD PHARMACEUTICALS USD 0.001	8,436	0.73%
JBSS	SANFILIPPO JOHN B + SON IN USD 0.01	516	0.63%
JCAP	JEFFERSON CAP INC DEL USD 0.0001	1,629	0.59%
KALU	KAISER ALUM CORP USD 0.01	299	0.64%
KFRC	KFORCE INC USD 0.01	1,150	0.65%
KROS	KEROS THERAPEUTICS INC USD 0.0001	1,943	0.60%
KRYS	KRYSTAL BIOTECH INC USD 0.00001	146	0.68%
KSS	KOHLS CORP USD 0.01	1,688	0.49%
LCII	LCI INDS USD 0.01	290	0.71%
LEU	CENTRUS ENERGY CORP USD 0.1	132	0.65%
LGND	LIGAND PHARMACEUTICALS IN USD 0.001	189	0.61%
LMAT	LEMAITRE VASCULAR INC USD 0.01	449	0.63%
MARA	MARA HLDGS INC USD 0.001	3,635	0.62%
MATX	MATSON INC NPV	291	0.73%
MAX	MEDIAALPHA INC USD 0.01	3,014	0.54%
MCY	MERCURY GEN CORP NEW NPV	393	0.56%
MD	PEDIATRIX MEDICAL GROUP IN USD 0.01	1,692	0.60%
MNKD	MANNKIND CORP USD 0.01	6,433	0.60%
NAGE	CHROMADEX CORP USD 0.001	5,764	0.58%
NBR	NABORS INDUSTRIES LTD USD 0.001	650	0.69%
NHC	NATIONAL HEALTHCARE CORP USD 0.01	276	0.64%
NNI	NELNET INC COM USD0.01 CL A	279	0.60%
NRDS	NERDWALLET INC USD 0.0001	2,786	0.58%
NRIM	NORTHRIM BANCORP INC USD 1.0	1,341	0.65%
NSSC	NAPCO SEC TECHNOLOGIES INC USD 0.01	871	0.54%
NTB	BANK OF NT BUTTERFIELD + S BMD 0.01	725	0.60%
NTCT	NETSCOUT SYS INC USD 0.001	1,342	0.60%
NUTX	NUTEX HEALTH INC NPV	243	0.58%
NVEC	NVE CORP USD 0.01	586	0.65%
ODC	OIL DRI CORP AMER USD 0.1	743	0.70%
OTTR	OTTER TAIL COM USD5	442	0.64%
PARR	PAR PACIFIC HOLDINGS INC 0.01	1,006	0.61%
PD	PAGERDUTY INC USD 0.000005	2,907	0.51%
PFBC	PREFERRED BK LOS ANGELES CALIF NPV	375	0.60%
PGNY	PROGYNY INC USD 0.0001	1,399	0.58%
PLAB	PHOTRONICS INC USD 0.01	1,078	0.63%
PLUS	EPLUS INC USD 0.01	416	0.60%
PLYM	PLYMOUTH I COM USD0.01	1,646	0.59%
PNRG	PRIMEENERGY RES CORP USD 0.1	201	0.58%
PSIX	POWER SOLUTIONS INTL INC USD 0.001	585	0.74%
PTCT	PTC THERAPEUTICS INC USD 0.001	469	0.57%
PXED	PHOENIX ED PARTNERS INC USD 0.01	1,214	0.60%
QCRH	QCR HLDGS INC USD 1.0	439	0.64%
QLYS	QUALYS INC USD 0.001	275	0.59%
RDN	RADIAN GROUP INC USD 0.001	1,003	0.54%
RDVT	RED VIOLET INC USD 0.001	701	0.56%
RIGL	RIGEL PHARMACEUTICALS INC USD 0.001	861	0.52%
RSI	RUSH STR INTERACTIVE INC USD 0.0001	1,865	0.56%
RVLV	REVOLVE GROUP INC USD 0.001	1,219	0.59%
SBH	SALLY BEAUTY HLDGS INC USD 0.01	2,486	0.65%
SD	SANDRIDGE ENERGY INC USD 0.001	2,437	0.60%
SEM	SELECT MED HLDGS CORP USD 0.001	2,431	0.60%
SITC	SITE CTRS CORP	5,628	0.56%
SKYT	SKYWATER TECHNOLOGY INC USD 0.01	1,606	0.88%
SKYW	SKYWEST INC NPV	356	0.59%
SLDE	SLIDE INS HLDGS INC USD 0.01	1,941	0.52%
SLNO	SOLENO THERAPEUTICS INC USD 0.001	764	0.54%
SLVM	SYLVAMO CORP USD 1.0	754	0.63%
STRL	STERLING INFRASTRUCTURE IN USD 0.01	113	0.66%
SXT	SENSIENT TECHNOLOGIES CORP USD 0.1	386	0.61%
TCBX	THIRD COAST BANCSHARES INC USD 1.0	962	0.63%
TCMD	TACTILE SYS TECHNOLOGY IN USD 0.001	1,315	0.65%
TGTX	TG THERAPEUTICS INC USD 0.001	1,230	0.63%
THFF	FIRST FINL CORP IND NPV	605	0.64%
THR	THERMON GROUP HLDGS INC USD 0.001	957	0.66%
TILE	INTERFACE INC USD 0.1	1,267	0.64%
TK	TEEKAY CORP LTD USD 0.001	4,084	0.65%
TMDX	TRANSMEDICS GROUP INC NPV	294	0.64%
TNET	TRINET GROUP INC USD 0.000025	630	0.64%
TNK	TEEKAY TANKERS LTD USD 0.01	699	0.70%
TPB	TURNING PT BRANDS INC USD 0.01	327	0.63%
TRNO	TERRENO RE COM USD0.01	610	0.62%
TSSI	TSS INC DEL USD 0.0001	4,684	0.87%
TTI	TETRA TECHNOLOGIES INC DEL USD 0.01	3,679	0.68%
UFCS	UNITED FIRE GROUP INC USD 0.001	1,012	0.58%
UPWK	UPWORK INC USD 0.0001	1,816	0.58%
UTL	UNITIL CORP NPV	735	0.60%
UVE	UNIVERSAL INS HLDGS INC USD 0.01	1,136	0.54%
VAL	VALARIS LTD USD 0.01	691	0.61%
VCYT	VERACYTE INC USD 0.001	850	0.60%
VEL	VELOCITY FINL INC USD 0.01	1,844	0.58%
VICR	VICOR CORP USD 0.01	308	0.81%
VISN	VISTANCE NETWORKS INC USD 0.01	1,973	0.58%
VSCO	VICTORIAS SECRET + CO USD 0.01	675	0.71%
VTOL	BRISTOW GROUP INC DEL NEW USD 0.01	965	0.65%
WLDN	WILLDAN GROUP INC USD 0.01	338	0.71%
WLFC	WILLIS LEASE FIN CORP USD 0.01	269	0.79%
WLY	WILEY JOHN CLASS A COM USD 1	1,221	0.62%
WSR	WHITESTONE SBI COM USD0.001 CL B	2,608	0.60%
WTS	WATTS WATE CLASS A COM USD0.10	129	0.63%
ZVRA	ZEVRA THERAPEUTICS INC USD 0.0001	4,319	0.63%
RUTW US 01/30/26 P2440	RUTW Jan 2026 2440 Put	4	0.01%
RUTW US 01/30/26 P2540	RUTW Jan 2026 2540 Put	-4	-0.02%
SPXW US 01/23/26 C6915	SPXW Jan 2026 6915 Call	4	0.08%
SPXW US 01/28/26 C7000	SPXW Jan 2026 7000 Call	5	0.05%
SPXW US 01/28/26 P6350	SPXW Jan 2026 6350 Put	1	0.00%
SPXW US 01/28/26 P6650	SPXW Jan 2026 6650 Put	-1	-0.01%
SPXW US 01/30/26 C7050	SPXW Jan 2026 7050 Call	3	0.02%
SPXW US 01/30/26 P6385	SPXW Jan 2026 6385 Put	1	0.00%
SPXW US 01/30/26 P6685	SPXW Jan 2026 6685 Put	-1	-0.02%
SPXW US 03/20/26 C7275	SPXW Mar 2026 7275 Call	1	0.03%
SPXW US 03/20/26 C7360	SPXW Mar 2026 7360 Call	3	0.05%
SPXW US 03/31/26 C7350	SPXW Mar 2026 7350 Call	3	0.08%
-	Estimated Cash	-5,525	-0.09%

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	$0.24421
09/25/2025	09/25/2025	09/30/2025	$0.05000
06/25/2025	06/25/2025	06/30/2025	$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.

NAV

NAV Change

Price

Price Change

Documents

Holdings are subject to change without notice.

Why Register?

LITL

Simplify Piper Sandler US Small-Cap PLUS Income ETF

NAV

NAV Change

Price

Price Change

Documents

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?