XV

Simplify Target 15 Distribution ETF

as of 06/09/2025

NAV

$ 26.17

NAV Change

+ $ 0.06 /0.23%

Price

$ 26.29

Price Change

- $ 0.08 /0.30%

The Simplify Target 15 Distribution ETF (XV) seeks to provide a 15% annualized distribution rate (paid monthly) by selling barrier put options.

In exchange for accepting the risk of a loss defined by the barrier levels, investors can expect higher levels of income than can be found in traditional fixed income products.

Adding XV to a portfolio provides a source of potential income differentiated from traditional fixed income or volatility selling strategies.

Documents

SBAR/XV Fund Deep Dive

SBAR/XV Fund Deep Dive Live

Fund Overview

As of 06/09/2025

Ticker Symbol

Gross Expense Ratio

0.75%

CUSIP

82889N350

Total Assets

$43,175,496.55

Shares Outstanding

1,650,001

Distribution Rate as of 06/09/2025 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.

Distribution Frequency

Monthly

30-Day SEC Yield (Subsidized) as of 06/09/2025 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.

30-Day SEC Yield (Unsubsidized) as of 06/09/2025

Options Available

Inception Date

04/14/2025

Premium/Discount (%) as of 06/09/2025

0.47%

NAV Per Share as of 06/09/2025

$26.17

Market Price as of 06/09/2025

$26.29

30-Day Median Bid-Ask Spread

0.94%

Bid/Ask

$26.20/$26.42

Midpoint Price

$26.31

Volume

12,081

NAV Symbol

XV.NV

IOPV Symbol

XV.IV

Shares Out. Symbol

XV.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 83% 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	0.75%
Distribution and Service (12b-1) Fees	0.00%
Other Expenses¹	0.00%
Total Annual Fund Operating Expenses	0.75%

1. Other Expenses are estimated for the Fund’s initial fiscal year.

Fund Performance (Total Return)

As of 05/31/2025 03/31/2025

Monthly Quarterly

Cumulative	1 Month	3 Month	6 Month	YTD	1 Year	Since Inception
NAV	1.71%	—	—	—	—	4.16%
Market Price	0.92%	—	—	—	—	4.07%

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

Cumulative	1 Year	Since Inception
NAV	—	—
Market Price	—	—

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.

Historical Premium/Discount

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 06/09/2025

Ticker	Name	Quantity	Weight
-	OTC MS SPX RTY INX 06/05/25 .75	-2,670,000	-0.20%
HSBC SPX RTY 5/29/26 P100/75	HSBC May 2026 100 Put	-7,700,000	-0.38%
HSBC SPX/RTY/NDX 5/15/26 P100/75	HSBC May 2026 100 Put	-20,000,000	-0.57%
MS SPX/RTY/NDX 5/15/26 P100/75	MS May 2026 100 Put	-5,000,000	-0.08%
OTC GS SPX/RTY/NDX 5/29/26 P100/77.5	OTC Jun 2026 100 Put	-3,200,000	-0.09%
T Bills	UNITED STS TREAS BILLS 0.0 12AUG25	27,450,000	63.11%
T Bills	UNITED STS TREAS BILLS 0.0 26AUG25	16,500,000	37.87%
-	Estimated Cash	147,375	0.34%

Holdings are subject to change without notice.

Recent Distributions

Ex-Dividend Date	Record Date	Payable Date	Total Distribution
06/25/2025	06/25/2025	06/30/2025	N/A
05/27/2025	05/27/2025	05/30/2025	$0.32000

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.

XV