SPUC — Simplify US Equity PLUS Upside Convexity ETF ☆

The investment seeks to provide capital appreciation. The adviser seeks to achieve the fund's investment objective by investing primarily in equity securities issued by companies listed on the NASDAQ®-100 Index and applying an upside convexity option overlay strategy to the equity investments. It will invest at least 80% of its net assets in equity securities, primarily by purchasing exchange-traded funds (“ETFs”) that invest in companies listed on the NASDAQ-100 Index. The upside convexity option overlay strategy consists of purchasing exchange-traded and over the counter (“OTC”) call options on the NASDAQ® -100 Index or a NASDAQ®- 100 Index ETF.