Simplify Developed Ex-US PLUS Downside Convexity ETF (EAFD) Exchange: NYSE ARCA

PrincipalInvestment Strategies: The adviser seeks to achieve the Fund’s investment objective by investing primarily in equity securitiesof companies listed on a developed ex-US index and applying a downside convexity option overlay strategy to the equity investments. EquityStrategy TheFund has adopted a non-fundamental investment policy that, under normal circumstances, the Fund will invest at least 80% of its net assets(plus any borrowings for investment purposes) in equity securities of companies listed on a developed ex-US index. The Fund defines andeveloped ex-US index as one that is comprised of large-, mid- and small-capitalization developed market equities, excluding the U.S.and Canada.  The Fund pursues its equity strategy primarily by purchasingexchange-traded funds (“ETFs”) that invest principally in the equity securities of companies listed on a developed ex-USindex. The adviser does not frequently trade equity securities but seeks to maintain consistent exposure to such companies through itsinvestments in ETFs. The adviser determines which equity securities to purchase based on factors such as price, liquidity, and trackrecord. Downside Convexity Option Overlay Strategy  Upto twenty percent of the Fund’s net assets will be subject to the Fund’s downside convexity option overlay. The downsideconvexity option overlay consists of purchasing exchange-traded and over the counter (“OTC”) put options on a developed ex-USindex or a similar index ETF. When the Fund purchases a put option, the Fund has the right, but not the obligation, to sell a stock orother asset at a specified price (strike price) within a specific time period. Thedownside convexity option overlay is a strategic, persistent exposure meant to hedge against market moves and is intended to add convexityto the Fund. If the market goes down, the Fund's returns may fall less than the market because the adviser will sell or exercise theput options. The adviser selects options based upon its evaluation of relative value based on cost, strike price (price that the optioncan be bought or sold by the option holder) and maturity (the last date the option contract is valid) and will exercise or close theoptions based on maturity or portfolio rebalancing requirements. The Fund anticipates purchasing options on a monthly, quarterly, andannual basis, depending upon the Fund’s rebalancing requirements and the individual option expiration dates. However, the Fundmay rebalance its option portfolio on a more frequent basis for a number of reasons such as market volatility renders the protectionprovided by the option strategy ineffective or an option position has appreciated to the point that it is prudent to decrease the Fund’sexposure and realize gains for the Fund’s shareholders. While the downside convexity option overlay is intended to protect theFund from losses, there is no guarantee that it will be able to protect the Fund from losses. Convexityin the Fund's name is a reference to the mathematical term convexity. The Fund's returns are intended to possess convexity because therelationship between the Fund's returns and market returns is not designed to be linear. That is, if market returns go up and down ina linear fashion, the Fund's returns are expected to rise faster than the market in positive markets; while declining less than the marketin negative markets. The value of the Fund’s call options is expected to rise in proportion to the rise in value of the underlyingassets, but the amount by which the Fund’s options increase or decrease in value depends on how far the market has moved from thetime the options position was initiated. The value of the Fund’s call options may rise faster than the market if the adviser successfullyselects options that appreciate in value. Otherwise stated, the term “convexity” in the Fund’s name refers to the intendednon-linear nature between the Fund’s and the market returns; it does not refer to the concept of “bond convexity,”which is a measure of the non-linear relationship between bond duration and changes in interest rates.