SVOL

Simplify Volatility Premium ETF

Morningstar Rating^TM

Overall rating based on risk-adjusted returns among 1,275 funds
in the Large Blend category as of 02/28/25

as of 04/02/2025

NAV

$ 18.57

NAV Change

+ $ 0.21 /1.14%

Price

$ 18.56

Price Change

+ $ 0.25 /1.37%

The Simplify Volatility Premium ETF (SVOL) seeks to provide investment results, before fees and expenses, that correspond to approximately one-fifth to three-tenths (-0.2x to -0.3x) the inverse of the performance of the Cboe Volatility Index (VIX) short-term futures index while also seeking to mitigate extreme volatility.

We believe many traditional sources of income are failing to meet investor needs in today’s low yield environment. SVOL aims to provide an attractive income stream and source of diversification while seeking to avoid risks inherent in other income-producing asset classes.

The fund’s short VIX position provides investors an optimized exposure for monetizing the premium in the VIX futures market. A modest option overlay budget is then deployed into VIX call options to help protect against adverse moves in VIX.

SVOL Fund Deep Dive

SVOL Fund Deep Dive Live

Fund Overview

As of 04/02/2025

Ticker Symbol

SVOL

Gross Expense Ratio

0.72%

CUSIP

82889N863

Total Assets

$1,017,759,073.62

Shares Outstanding

54,800,001

Distribution Rate as of 02/28/2025 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.

15.73%

Distribution Frequency

Monthly

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

1.64%

Options Available

Yes

Inception Date

05/12/2021

Premium/Discount (%) as of 04/02/2025

-0.07%

NAV Per Share as of 04/02/2025

$18.57

Market Price as of 04/02/2025

$18.56

30-Day Median Bid-Ask Spread

0.05%

Bid/Ask

$18.54/$18.55

Midpoint Price

$18.55

Volume

763,625

NAV Symbol

SVOL.NV

IOPV Symbol

—

Shares Out. Symbol

SVOL.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. The distribution rate may contain return of capital but an estimate cannot be provided at this time. Please refer to the 19a-1 notices for additional details regarding the distributions’ composition once they become available.

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	0.15%
Acquired Fund Fees and Expenses²	0.07%
Total Annual Fund Operating Expenses	0.72%

1. Other Expenses include interest expenses of 0.15%.

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 (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	-1.76%	-1.71%	-1.44%	1.30%	5.90%	45.78%
Market Price	-1.65%	-1.27%	-0.78%	1.70%	5.85%	44.90%

Annualized	1 Year	3 Year	Since Inception
NAV	5.90%	11.88%	10.43%
Market Price	5.85%	12.01%	10.26%

Cumulative	1 Year	Since Inception
NAV	7.17%	43.91%
Market Price	6.71%	42.47%

Annualized	1 Year	3 Year	5 Year	Since Inception
NAV	7.17%	7.96%	—	10.52%
Market Price	6.71%	8.26%	—	10.23%

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	184	23
Days Traded at Discount	68	37

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 04/02/2025

Ticker	Name	Quantity	Weight
AGGH	SIMPLIFY AGGREGATE BOND E	5,193,254	10.78%
CDX	SIMPLIFY HIGH YIELD ETF	1,299,393	2.97%
NMB	SIMPLIFY NATIONAL MUNI B	3,121,709	6.99%
QIS	SIMPLIFY MULTI-QIS ALT ET	3,975,000	9.07%
SCY	SIMPLIFY US SMLLCAP PLUS	95,000	0.19%
SPUC	SIMPLIFY US EQUITY PLUS U	2,334,812	8.87%
SPY	SPDR S&P 500 ETF TRUST	685,500	37.94%
SPY	SPDR S&P 500 ETF TRUST	214,487	11.87%
TYA	SIMPLIFY INTERMEDIATE TER	3,843,182	5.01%
ESM5 IND	S&P500 EMINI FUT Jun25	2,409	67.45%
ESM5 IND	S&P500 EMINI FUT Jun25	978	27.38%
TYM5 COM	US 10YR NOTE (CBT)Jun25	4,000	43.72%
UXK5 IND	CBOE VIX FUTURE May25	-4,999	-9.81%
SPY US 04/11/25 C600	SPY Apr 2025 600 Call	-1,724	0.00%
SPY US 04/11/25 C600	SPY Apr 2025 600 Call	-6,855	0.00%
US 2YR FUTR OPTN Jun25P	US 2YR FUTR OPTN Jun25P	-6,000	-0.29%
US 6-7 NOTE FRI W1Apr25C	US 6-7 NOTE FRI W1Apr25C	-4,000	-0.26%
VIX US 05/21/25 C50	VIX May 2025 50 Call	50,170	0.18%
VIX US 06/18/25 C50	VIX Jun 2025 50 Call	48,000	0.24%
VIX US 07/16/25 C50	VIX Jul 2025 50 Call	18,171	0.11%
-	US TREASURY N/ 2.875 6/25	100,000	0.01%
-	TREASURY BILL DN 7/25	26,000,000	2.52%
-	TREASURY BILL DN 7/25	11,000,000	1.07%
-	TREASURY BILL DN 7/25	4,000,000	0.39%
-	TREASURY BILL DN 7/25	3,000,000	0.29%
-	Estimated Net Cash	5,360,307	0.53%

Holdings are subject to change without notice.

Recent Distributions

Ex-Dividend Date	Record Date	Payable Date	Total Distribution
04/25/2025	04/25/2025	04/30/2025	N/A
03/26/2025	03/26/2025	03/31/2025	$0.27000
02/25/2025	02/25/2025	02/28/2025	$0.27000
01/28/2025	01/28/2025	01/31/2025	$0.27000
12/23/2024	12/23/2024	12/31/2024	$0.26000

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.