SPYC

Simplify US Equity PLUS Convexity ETF

as of 11/27/2023

NAV

$ 29.41

NAV Change

- $ 0.06 /0.20%

Price

$ 29.39

Price Change

- $ 0.06 /0.20%

The Simplify US Equity PLUS Convexity ETF (SPYC) seeks to provide capital appreciation by offering US large cap exposure while aiming to boost performance during extreme market moves up or down via a systematic options overlay.

The fund's core holding gives investors a low-cost, index-based exposure to US large caps. A modest option overlay budget is then deployed into a series of options positions that help create convexity in the fund.

The Simplify US Equity PLUS Convexity ETF is designed to keep investors committed to equities by potentially protecting against the possibility of extreme market outcomes. Watch our video to see how SPYC works.

Fund Overview

As of 11/27/2023

Ticker Symbol

SPYC

Gross Expense Ratio

0.52%

CUSIP

82889N103

Total Assets

$64,702,814.33

Shares Outstanding

2,200,001

Distribution Yield as of 09/30/2023 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.

1.44%

Distribution Frequency

Quarterly

SEC 30-Day Yield as of 10/31/2023 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.

1.36%

Unsubsidized 30-Day SEC Yield as of 10/31/2023

1.10%

Options Available

Inception Date

09/03/2020

Premium/Discount (%) as of 11/27/2023

-0.07%

NAV Per Share as of 11/27/2023

$29.41

Market Price as of 11/27/2023

$29.39

30-Day Median Bid-Ask Spread

0.20%

Bid/Ask

$29.35/$29.46

Midpoint Price

$29.41

Volume

1,637

NAV Symbol

SPYC.NV

IOPV Symbol

SPYC.IV

Shares Out. Symbol

SPYC.SO

Schedule K-1

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	0.50%
Distribution and Service (12b-1) Fees	0.00%
Other Expenses¹	0.00%
Acquired Fund Fees and Expenses²	0.02%
Total Annual Fund Operating Expenses	0.52%

1. Other Expenses have been restated. The Fund no longer engages in transactions that incur interest expense.

2. 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.

Fund Performance

As of 10/31/2023 09/30/2023

Monthly Quarterly

Cumulative	1 Month	3 Month	6 Month	YTD	1 Year	Since Inception
NAV	-2.45%	-9.71%	0.40%	8.51%	5.00%	13.15%
Market Price	-2.55%	-9.48%	0.54%	8.58%	5.10%	13.84%
S&P 500 Index	-2.10%	-8.25%	1.39%	10.69%	10.14%	23.02%

Annualized	1 Year	3 Year	Since Inception
NAV	5.00%	6.14%	3.99%
Market Price	5.10%	6.26%	4.19%

Cumulative	1 Year	Since Inception
NAV	9.52%	15.99%
Market Price	9.36%	16.82%
S&P 500 Index	21.62%	25.66%

Annualized	1 Year	3 Year	5 Year	Since Inception
NAV	9.52%	6.05%	—	4.95%
Market Price	9.36%	6.07%	—	5.19%

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. For most recent data please call (855) 772-8488.

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	3rd Quarter of 2023
Days Traded at Premium	89	12
Days Traded at Discount	162	51

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

Holdings

As of 11/27/2023

Ticker	Name	Quantity	Weight
IVV	ISHARES S+P 500 INDEX FUND	140990	99.49%
SPXW US 01/19/24 C4530	SPXW Jan 2024 4530 Call	17	0.28%
SPXW US 01/19/24 C4750	SPXW Jan 2024 4750 Call	-17	-0.04%
SPXW US 01/19/24 P3450	SPXW Jan 2024 3450 Put	-90	-0.03%
SPXW US 01/19/24 P3670	SPXW Jan 2024 3670 Put	90	0.04%
SPXW US 02/16/24 C4730	SPXW Feb 2024 4730 Call	26	0.16%
SPXW US 02/16/24 C4950	SPXW Feb 2024 4950 Call	-26	-0.02%
SPXW US 02/16/24 P3600	SPXW Feb 2024 3600 Put	-167	-0.15%
SPXW US 02/16/24 P3830	SPXW Feb 2024 3830 Put	167	0.23%
SPXW US 12/15/23 C4700	SPXW Dec 2023 4700 Call	27	0.02%
SPXW US 12/15/23 C4925	SPXW Dec 2023 4925 Call	-27	0.00%
SPXW US 12/15/23 P3575	SPXW Dec 2023 3575 Put	-174	-0.01%
SPXW US 12/15/23 P3810	SPXW Dec 2023 3810 Put	174	0.02%
-	Estimated Cash	-147	0.00%

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
09/27/2023	09/28/2023	09/29/2023	$0.10000	$0.00000	$0.00000	$0.00000	$0.10000
06/27/2023	06/28/2023	07/03/2023	$0.19000	$0.00000	$0.00000	$0.00000	$0.19000
03/27/2023	03/28/2023	03/31/2023	$0.14000	$0.00000	$0.00000	$0.00000	$0.14000
12/27/2022	12/28/2022	12/30/2022	$0.00036	$0.00000	$0.00000	$0.00000	$0.00036
06/27/2022	06/28/2022	06/30/2022	$0.19311	$0.00000	$0.00000	$0.00000	$0.19311

View Distribution History

DISTRIBUTION CALENDAR

NAV

NAV Change

Price

Price Change

Documents

The Simplify US Equity PLUS Convexity ETF is designed to keep investors committed to equities by potentially protecting against the possibility of extreme market outcomes. Watch our video to see how SPYC works.

SEC 30-Day Yield Close

Holdings are subject to change without notice.

Register for Simplify's Investor Hub

SPYC

Simplify US Equity PLUS Convexity ETF

NAV

NAV Change

Price

Price Change

Documents

The Simplify US Equity PLUS Convexity ETF is designed to keep investors committed to equities by potentially protecting against the possibility of extreme market outcomes. Watch our video to see how SPYC works.

Fund Overview

Distribution Yield Close

SEC 30-Day Yield Close

Management Fees

Fund Performance

Historical Premium/Discount

Portfolio Holdings

Holdings are subject to change without notice.

Recent Distributions

Register for Simplify's Investor Hub