CAS

Simplify China A Shares PLUS Income ETF

as of 06/06/2025

NAV

$ 28.96

NAV Change

+ $ 0.08 /0.28%

Price

$ 28.94

Price Change

+ $ 0.12 /0.42%

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 06/06/2025

Ticker Symbol

CAS

Gross Expense Ratio

0.88%

CUSIP

82889N384

Total Assets

$10,860,435.69

Shares Outstanding

375,001

Distribution Rate as of 03/31/2025 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.

Distribution Frequency

Quarterly

30-Day SEC Yield (Subsidized) as of 04/30/2025 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 04/30/2025

3.38%

Options Available

Inception Date

01/13/2025

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

-0.07%

NAV Per Share as of 06/06/2025

$28.96

Market Price as of 06/06/2025

$28.94

30-Day Median Bid-Ask Spread

0.21%

Bid/Ask

$28.85/$29.01

Midpoint Price

$28.93

Volume

1,561

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 0% 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 05/31/2025 03/31/2025

Monthly Quarterly

Cumulative	1 Month	3 Month	6 Month	YTD	1 Year	Since Inception
NAV	5.39%	9.33%	—	—	—	13.50%
Market Price	4.54%	7.55%	—	—	—	12.39%

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

Cumulative	1 Year	Since Inception
NAV	—	2.44%
Market Price	—	1.94%

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

	Calendar Year 2024	1st Quarter of 2025
Days Traded at Premium	N/A	34
Days Traded at Discount	N/A	19

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 06/06/2025

Ticker	Name	Quantity	Weight
GLD US 06/18/25 P285	GLD Jun 2025 285 Put	93	0.01%
GLD US 06/18/25 P297	GLD Jun 2025 297 Put	-93	-0.09%
GLD US 06/20/25 P283	GLD Jun 2025 283 Put	113	0.02%
GLD US 06/20/25 P293	GLD Jun 2025 293 Put	-113	-0.08%
MSTR US 06/20/25 P280	MSTR Jun 2025 280 Put	22	0.03%
MSTR US 06/20/25 P285	MSTR Jun 2025 285 Put	22	0.03%
MSTR US 06/20/25 P330	MSTR Jun 2025 330 Put	-22	-0.05%
MSTR US 06/20/25 P335	MSTR Jun 2025 335 Put	-22	-0.06%
NDXP US 06/18/25 P19600	NDXP Jun 2025 19600 Put	1	0.01%
NDXP US 06/18/25 P20600	NDXP Jun 2025 20600 Put	-1	-0.03%
NDXP US 06/20/25 P19800	NDXP Jun 2025 19800 Put	1	0.01%
NDXP US 06/20/25 P20800	NDXP Jun 2025 20800 Put	-1	-0.05%
RUTW US 06/18/25 P1875	RUTW Jun 2025 1875 Put	11	0.01%
RUTW US 06/18/25 P1975	RUTW Jun 2025 1975 Put	-11	-0.02%
RUTW US 06/20/25 P1920	RUTW Jun 2025 1920 Put	11	0.02%
RUTW US 06/20/25 P2020	RUTW Jun 2025 2020 Put	-11	-0.05%
SPXW US 06/10/25 C6100	SPXW Jun 2025 6100 Call	16	0.02%
SPXW US 06/13/25 C6100	SPXW Jun 2025 6100 Call	33	0.26%
SPXW US 06/13/25 C6150	SPXW Jun 2025 6150 Call	31	0.06%
SPXW US 06/13/25 P5700	SPXW Jun 2025 5700 Put	17	0.02%
SPXW US 06/18/25 P5450	SPXW Jun 2025 5450 Put	4	0.01%
SPXW US 06/18/25 P5720	SPXW Jun 2025 5720 Put	-4	-0.02%
SPXW US 06/20/25 P5475	SPXW Jun 2025 5475 Put	3	0.01%
SPXW US 06/20/25 P5775	SPXW Jun 2025 5775 Put	-3	-0.03%
SPXW US 06/30/25 C6200	SPXW Jun 2025 6200 Call	23	0.28%
SPXW US 07/18/25 C6300	SPXW Jul 2025 6300 Call	40	0.66%
SPXW US 07/31/25 C6500	SPXW Jul 2025 6500 Call	75	0.41%
-	CSI 300 Net Return Index Total Return Swap - Receivable	5,042	34.90%
-	CSI 2000 Net Total Return Index Total Return Swap - Receivable	7,190	25.76%
-	CSI 1000 Net Total Return Index Total Return Swap - Receivable	2,309	20.46%
-	CSI 500 Net Total Return Index Total Return Swap - Receivable	2,310	20.39%
-	CSI 1000 Net Total Return Index Total Return Swap - Payable	-2,172,028	-20.00%
-	CSI 500 Net Total Return Index Total Return Swap - Payable	-2,179,412	-20.07%
-	CSI 2000 Net Total Return Index Total Return Swap - Payable	-2,705,965	-24.92%
-	CSI 300 Net Return Index Total Return Swap - Payable	-3,801,956	-35.01%
T Bills	UNITED STS TREAS BILLS 0.0 08JUL25	4,900,000	44.97%
T Bills	UNITED STS TREAS BILLS 0.0 29JUL25	250,000	2.29%
T Bills	UNITED STS TREAS BILLS 0.0 05AUG25	4,600,000	42.07%
T Bills	UNITED STS TREAS BILLS 0.0 26AUG25	800,000	7.30%
-	Estimated Cash	53,736	0.49%

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
03/26/2025	03/26/2025	03/31/2025	$0.00000

View Distribution History

DISTRIBUTION CALENDAR

CAS