Simplify US Equity Income ETF SPUC Strategy

The investment seeks to generate monthly income in a tax efficient manner with the potential for capital appreciation in rising equity markets. The adviser seeks to achieve the fund’s investment objective by investing primarily in equity securities of U.S. companies and applying an upside convexity option overlay strategy to the equity investments. Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of U.S. companies, primarily by purchasing exchange-traded funds (“ETFs”).