Simplify Tail Risk Strategy ETF

CYA is a US Diversified ETF. The Fund invests in fixed income and income generating ETFs. The Fund will invest between 50-90% of the Fund s assets in income generating ETFs including affiliated funds managed by the adviser. The Fund considers an ETF an income generating ETF if the ETF demonstrates an attractive distribution or income yield (i.e., a yield that is greater than 2 year Treasury notes), for example ETFs that invest in REITs or MLPs or ETFs that seek to provide the inverse of the S&P 500 VIX Short-Term Futures Index. A REIT is a company that owns, operates, or finances income-generating real estate. An MLP is a business venture that exists in the form of a publicly traded limited partnership. The Fund defines fixed income ETFs as ETFs that invest in debt securities of any credit quality or maturity. Fixed income ETFs may invest in securities with credit quality below investment grade (commonly referred to as junk bonds ). The Fund defines junk bonds as those rated below Baa3 by Moody s Investors Service or below BBB- by Standard and Poor s Rating Group, or, if unrated, determined by the adviser to be of similar credit quality. The Fund invests in companies without restriction as to capitalization. Under normal circumstances the Fund may invest in shares of any fund in Simplify Exchange Traded Funds (the Trust ), each an affiliated ETF.

Yes, CYA is actively managed. In an actively managed fund, the fund manager makes decisions about how funds are invested. A passively managed fund typically tries to track or follow a market index.

No, CYA is not passively managed. It is actively managed. A passively managed fund typically tries to track or follow a market index. In an actively managed fund, the fund manager makes decisions about how funds are invested.

The 1-month return on CYA is -0.0306%. This is the percent change in the value of CYA over the most recent 1-month period. The 3-month return on CYA is -0.1505%. This is the percent change in the value of CYA over the most recent 3-month period.

The standard deviation of CYA for the past year is 0.6789%. Standard deviation is the typical amount that the daily returns vary from the mean of the returns over the time period, standardized to a period of a year.

ETFs similar to CYA include AOR, DRSK, and FPEI.

ETFs correlated to CYA include UVIX, UVXY, and VIXY.

ETFs that are inversely correlated to CYA include XAUG, LGRO, and GAUG.