Simplify Emerging Markets Equity PLUS Downside Convexity ETF (EMGD) Exchange: NYSE ARCA

PrincipalInvestment Strategies: The adviser seeks to achieve the Fund’s investment objective by investing primarily in equity securitiesissued by, or tied economically to, companies in emerging markets and applying a downside convexity option overlay strategy to the equityinvestments.  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 issued by, or tied economically to, companies in emerging markets.The adviser considers an emerging market country to include any country that is (1) generally recognized to be an emerging marketcountry by the international financial community, including the World Bank; (2) classified by the United Nations as a developing country;or (3) included in the MSCI Emerging Markets Index. The adviser determines that an investment is tied economically to an emerging marketif such investment satisfies one or more of the following conditions: (1) the issuer’s primary trading market is in an emergingmarket; (2) the issuer is organized under the laws of, derives at least 50% of its revenue from, or has at least 50% of its assets inemerging markets; (3) the investment is included in an index representative of emerging markets; and (4) the investment is exposed tothe economic risks and returns of emerging markets. TheFund pursues its equity strategy primarily by purchasing exchange-traded funds ("ETFs") that invest principally in equity securitiesissued by, or tied economically to, companies in emerging markets. The adviser does not frequently trade equity securities but seeksto maintain consistent exposure to such companies through its investments in ETFs. The adviser determines which equity securities topurchase based on factors such as price, liquidity, and track record. 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 an emerging marketsindex 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. PrincipalInvestment Risks: As with all funds, there is the risk that you could lose money through your investment in the Fund. Many factorsaffect the Fund’s net asset value and price of shares and performance. Thefollowing describes the risks the Fund bears with respect to its investments. As with any fund, there is no guarantee that the Fund willachieve its goal. EquityRisk. The net asset value of the Fund will fluctuate based on changes in the value of the equity securities held by the Fund. Equityprices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or marketconditions. EmergingMarkets Risk. Investing in emerging markets involves not only the risks described below with respect to investing in foreign securities,but also other risks, including exposure to economic structures that are generally less diverse and mature, limited availability andreliability of information material to an investment decision, and exposure to political systems that can be expected to have less stabilitythan those of developed countries. The market for the securities of issuers in emerging markets typically is small, and a low or nonexistenttrading volume in those securities may result in a lack of liquidity and price volatility.  ActiveManagement Risk. The Fund is subject to the risk that the investment management strategy may not produce the intended results andmay negatively impact Fund performance. The adviser’s overlay strategy will not fully protect the Fund from declines in the market. DerivativesRisk. Options are a derivative investment. The use of derivative instruments involves risks different from, or possibly greater than,the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that thecounterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation;and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index.Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerousfactors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies;national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply anddemand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated withinvesting directly in securities. EarlyClose/Trading Halt Risk. An exchange or market may close or issue trading halts on specific securities, or the ability to buy orsell certain securities or financial instruments may be restricted, which may prevent the Fund from buying or selling certain securitiesor financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately priceits investments and may incur substantial trading losses. ETFStructure Risks: The Fund is structured as an ETF and will invest in underlying ETFs. As a result, the Fund is subject to specialrisks, including: ●Not Individually Redeemable. The Fund’s shares (“Shares”) are not redeemable by retail investors and may be redeemed only by Authorized Participants at net asset value (“NAV”) and only in Creation Units. A retail investor generally incurs brokerage costs when selling shares. ●Trading Issues. Trading in Shares on NYSE Arca, Inc. (the “Exchange”) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange which may result in the Shares being delisted. An active trading market for the Shares may not be developed or maintained. If the Shares are traded outside a collateralized settlement system, the number of financial institutions that can act as Authorized Participants that can post collateral on an agency basis is limited, which may limit the market for the Shares. ●Market Price Variance Risk. The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the Shares. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV. ●In times of market stress, market makers may step away from their role market making in the Shares and in executing trades, which can lead to differences between the market value of the Shares and the Fund’s NAV. ●The market price of the Shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for the Shares than the Fund’s NAV, which is reflected in the bid and ask price for the Shares or in the closing price. ●In stressed market conditions, the market for the Shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Shares may, in turn, lead to differences between the market value of the Shares and the Fund’s NAV. ●Authorized Participant Risk. Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as an Authorized Participant on an agency basis (i.e., on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares may be more likely to trade at a premium or discount to net asset value and possibly face trading halts or delisting. Authorized Participant concentration risk may be heightened for securities or instruments that have lower trading volumes. Foreign Investment Risk. The Fund mayinvest in securities domiciled in countries outside the U.S. that may experience more rapid and extreme changes in value than a fundthat invests exclusively in securities of U.S. and Canadian companies. These companies may be subject to additional risks, includingpolitical and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, currency fluctuations,higher transaction costs, delayed settlement, and less stringent investor protection and disclosure standards than those of U.S. andCanadian markets. LargeCapitalization Risk. Large-capitalization companies may be less able than smaller capitalization companies to adapt to changing marketconditions. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller capitalizationcompanies. During different market cycles, the performance of large capitalization companies has trailed the overall performance of thebroader securities markets. LeverageRisk. The use of leverage by the Fund, such as borrowing money to purchase securities or the use of options, will cause the Fundto incur additional expenses and magnify the Fund's gains or losses.  LimitedHistory Risk. The Fund is a new ETF and has a limited history of operations for investors to evaluate. Marketand Geopolitical Risk. The increasing interconnectivity between global economies and financial markets increases the likelihood thatevents or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market.Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demandfor particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmentalactions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effectson both the U.S. and global financial markets. The current novel coronavirus (COVID-19) global pandemic and the aggressive responsestaken by many governments, including closing borders, restricting international and domestic travel, and the imposition of prolongedquarantines or similar restrictions, as well as the forced or voluntary closure of, or operational changes to, many retail and otherbusinesses, has had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long suchimpacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged periodof global economic slowdown, which may impact your Fund investment. OptionRisk. As the buyer of a put option, the Fund risks losing the entire premium invested in the option if the Fund does not exercisethe option. Over-the-CounterMarket Risk. Securities and options traded in over-the-counter markets may trade less frequently and in limited volumes and thusexhibit more volatility and liquidity risk, and the prices paid by the Fund in over-the-counter transactions may include an undiscloseddealer markup. The Fund is also exposed to default by the over-the-counter option writer who may be unwilling or unable to perform itscontractual obligations to the Fund. Smalland Medium Capitalization Risk. The earnings and prospects of small and medium sized companies are more volatile than larger companiesand may experience higher failure rates than larger companies. Small and medium sized companies normally have a lower trading volumethan larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to sellingpressures and may have limited markets, product lines, or financial resources and lack management experience. UnderlyingFund Risk. ETFs in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid bythe Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in the ETFs and may be higherthan other funds that invest directly in stocks and bonds. Each of the ETFs is subject to its own specific risks, but the adviser expectsthe principal investments risks of such ETFs will be similar to the risks of investing in the Fund.