CAS

Simplify China A Shares PLUS Income ETF

as of 04/01/2025

NAV

$ 25.81

NAV Change

+ $ 0.20 /0.78%

Price

$ 25.74

Price Change

+ $ 0.28 /1.10%

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 04/01/2025

Ticker Symbol

CAS

Gross Expense Ratio

0.88%

CUSIP

82889N384

Total Assets

$9,679,251.70

Shares Outstanding

375,001

Distribution Rate as of 04/01/2025 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 02/28/2025 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 02/28/2025

Options Available

Inception Date

01/13/2025

Premium/Discount (%) as of 04/01/2025

-0.28%

NAV Per Share as of 04/01/2025

$25.81

Market Price as of 04/01/2025

$25.74

30-Day Median Bid-Ask Spread

0.68%

Bid/Ask

$25.64/$25.89

Midpoint Price

$25.77

Volume

NAV Symbol

CAS.NV

IOPV Symbol

CAS.IV

Shares Out. Symbol

CAS.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	0.88%
Distribution and Service (12b-1) Fees	0.00%
Total Annual Fund Operating Expenses	0.88%

Fund Performance (Total Return)

As of 02/28/2025 12/31/2024

Monthly Quarterly

Cumulative	1 Month	3 Month	6 Month	YTD	1 Year	Since Inception
NAV	2.75%	—	—	—	—	3.82%
Market Price	1.99%	—	—	—	—	4.50%

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

	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 04/01/2025

Ticker	Name	Quantity	Weight
GLD US 04/02/25 P260	GLD Apr 2025 260 Put	105	0.00%
GLD US 04/02/25 P270	GLD Apr 2025 270 Put	-105	0.00%
GLD US 04/04/25 P256	GLD Apr 2025 256 Put	86	0.00%
GLD US 04/04/25 P268	GLD Apr 2025 268 Put	-86	0.00%
GLD US 04/09/25 P260	GLD Apr 2025 260 Put	113	0.01%
GLD US 04/09/25 P269	GLD Apr 2025 269 Put	-113	-0.02%
MSTR US 04/04/25 P190	MSTR Apr 2025 190 Put	21	0.00%
MSTR US 04/04/25 P200	MSTR Apr 2025 200 Put	42	0.01%
MSTR US 04/04/25 P240	MSTR Apr 2025 240 Put	-21	-0.01%
MSTR US 04/04/25 P250	MSTR Apr 2025 250 Put	-42	-0.03%
MSTR US 04/11/25 P230	MSTR Apr 2025 230 Put	20	0.03%
MSTR US 04/11/25 P280	MSTR Apr 2025 280 Put	-20	-0.17%
NDXP US 04/04/25 P17500	NDXP Apr 2025 17500 Put	1	0.00%
NDXP US 04/04/25 P18100	NDXP Apr 2025 18100 Put	1	0.01%
NDXP US 04/04/25 P18500	NDXP Apr 2025 18500 Put	-1	-0.03%
NDXP US 04/04/25 P19150	NDXP Apr 2025 19150 Put	-1	-0.15%
NDXP US 04/09/25 P18200	NDXP Apr 2025 18200 Put	1	0.04%
NDXP US 04/09/25 P19200	NDXP Apr 2025 19200 Put	-1	-0.23%
NDXP US 04/11/25 P17700	NDXP Apr 2025 17700 Put	1	0.03%
NDXP US 04/11/25 P18700	NDXP Apr 2025 18700 Put	-1	-0.13%
RUTW US 04/02/25 P1840	RUTW Apr 2025 1840 Put	11	0.00%
RUTW US 04/02/25 P1980	RUTW Apr 2025 1980 Put	-11	-0.03%
RUTW US 04/04/25 P1835	RUTW Apr 2025 1835 Put	10	0.01%
RUTW US 04/04/25 P1885	RUTW Apr 2025 1885 Put	10	0.02%
RUTW US 04/04/25 P1935	RUTW Apr 2025 1935 Put	-10	-0.06%
RUTW US 04/04/25 P1985	RUTW Apr 2025 1985 Put	-10	-0.19%
SPXW US 04/02/25 C5700	SPXW Apr 2025 5700 Call	28	0.14%
SPXW US 04/02/25 P5275	SPXW Apr 2025 5275 Put	-59	-0.01%
SPXW US 04/02/25 P5300	SPXW Apr 2025 5300 Put	-28	0.00%
SPXW US 04/02/25 P5325	SPXW Apr 2025 5325 Put	59	0.01%
SPXW US 04/02/25 P5400	SPXW Apr 2025 5400 Put	28	0.01%
SPXW US 04/04/25 C5800	SPXW Apr 2025 5800 Call	31	0.16%
SPXW US 04/04/25 C6000	SPXW Apr 2025 6000 Call	4	0.00%
SPXW US 04/04/25 P5150	SPXW Apr 2025 5150 Put	4	0.00%
SPXW US 04/04/25 P5200	SPXW Apr 2025 5200 Put	-22	-0.02%
SPXW US 04/04/25 P5250	SPXW Apr 2025 5250 Put	4	0.01%
SPXW US 04/04/25 P5300	SPXW Apr 2025 5300 Put	22	0.04%
SPXW US 04/04/25 P5375	SPXW Apr 2025 5375 Put	-4	-0.02%
SPXW US 04/04/25 P5475	SPXW Apr 2025 5475 Put	-4	-0.06%
SPXW US 04/09/25 P5250	SPXW Apr 2025 5250 Put	3	0.01%
SPXW US 04/09/25 P5525	SPXW Apr 2025 5525 Put	-3	-0.11%
SPXW US 04/11/25 C6150	SPXW Apr 2025 6150 Call	9	0.00%
SPXW US 04/11/25 C6230	SPXW Apr 2025 6230 Call	10	0.00%
SPXW US 04/11/25 P5175	SPXW Apr 2025 5175 Put	4	0.02%
SPXW US 04/11/25 P5425	SPXW Apr 2025 5425 Put	-4	-0.10%
SPXW US 04/17/25 C5800	SPXW Apr 2025 5800 Call	16	0.42%
-	CSI 300 Net Return Index Total Return Swap - Receivable	4,666	35.76%
-	CSI 2000 Net Total Return Index Total Return Swap - Receivable	7,044	27.16%
-	CSI 1000 Net Total Return Index Total Return Swap - Receivable	2,149	21.37%
-	CSI 500 Net Total Return Index Total Return Swap - Receivable	2,104	20.95%
-	CSI 500 Net Total Return Index Total Return Swap - Payable	-2,115,766	-21.86%
-	CSI 1000 Net Total Return Index Total Return Swap - Payable	-2,192,471	-22.65%
-	CSI 2000 Net Total Return Index Total Return Swap - Payable	-2,818,652	-29.12%
-	CSI 300 Net Return Index Total Return Swap - Payable	-3,583,106	-37.02%
T Bills	UNITED STS TREAS BILLS 0.0 10APR25	5,020,000	51.81%
T Bills	UNITED STS TREAS BILLS 0.0 08JUL25	5,250,000	53.63%
-	Estimated Cash	34,683	0.36%

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