Investors should carefully consider the investment objectives, risks, charges and expenses of Exchange Traded Funds (ETFs) before investing. To obtain an ETF's prospectus containing this and other important information, please call (855) 772-8488 or . Please read the prospectus carefully before you invest. An investment in the fund involves risk, including possible loss of principal.The fund is actively-managed and is subject to the risk that the strategy may not produce the intended results. The fund will also rely on the Futures Adviser’s judgments about the value and potential appreciation of particular securities which if assessed incorrectly could negatively affect the Fund. The fund is new and has a limited operating history to evaluate.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 the counterparty 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. The use of leverage by the Fund, such as borrowing money to purchase securities or the use of options, will cause the Fund to incur additional expenses and magnify the Fund’s gains or losses. The Fund's investment in fixed income securities is subject to credit risk (the debtor may default) and prepayment risk (an obligation paid early) which could cause its share price and total return to be reduced. Typically, as interest rates rise the value of bond prices will decline and the fund could lose value.The Fund’s use of futures may involve different or greater risks than investing directly in securities and the contract may not correlate perfectly with the underlying asset. These risks include leverage risk which means a small percentage of assets invested in futures can have a disproportionately large impact on the Fund. This risk could cause the Fund to lose more than the principal amount invested. Futures contracts may become mispriced or improperly valued when compared to the adviser’s expectation and may not produce the desired investment results. The Fund’s exposure to futures contracts is subject to risks related to rolling. Extended periods of contango or backwardation can cause significant losses for the Fund. Any short sales of the futures contracts by the fund theoretically involves unlimited loss potential since the market price of securities sold short may continuously increase.Investments linked to commodity or currency futures contracts including exposure to non-U.S. currencies can be highly volatile affected by market movements, changes in interest rates or factors affecting a particular industry or commodity. Changes in currency exchange rates can be unpredictable or change quickly which will affect the value of the Fund.Simplify ETFs are distributed by Foreside Financial Services, LLC. Foreside and Simplify are not related.GLOSSARY CarryThe return obtained from holding an asset assuming the underlying price of the asset remains stable.Distribution RateThe distribution rate of a security is calculated by dividing the distributions paid (yearly, monthly, etc.) by its cost or net asset value. Distribution rate can be used as a measure of investment cash flow provided by an investment relative to the cost paid for that investment.G10 CurrenciesCurrencies including the Australian Dollar (AUD), Canadian Dollar (CAD), Euro (EUR), Japanese Yen (JPY), New Zealand Dollar (NZD), Norwegian Krone (NOK), British Pound (GBP), Swedish Krona (SEK), Swiss Franc (CHF), and the US Dollar (USD).Net Asset Value (NAV)The per share value of a mutual fund, found by subtracting the fund's liabilities from its assets and dividing by the number of shares outstanding.SEC 30-Day Yield The yield is calculated with a standardized formula and represents net investment income earned by a fund over a 30-day period, expressed as an annual percentage rate based on the fund's share price. The yield includes the effect of any fee waivers and/or reimbursements. Without waivers, yields would be reduced. This is also referred to as the "standardized yield", “30-Day Yield” and “Current Yield”.SEC Unsubsidized 30-Day Yield The SEC 30-Day yield not adjusted for any fee waivers and/or expense reimbursements in effect. This is also referred to as the “unsubsidized standardized yield”, “unsubsidized 30-Day Yield” and “unsubsidized Current Yield”. , The Simplify Currency Strategy ETF (FOXY) seeks capital gains by taking long and short positions in foreign currencies. Returns are expected to be generated through the combination of a “carry” strategy applied to emerging market currencies combined with a mean-reversion strategy applied to G10 currencies., Simplify advocates an allocation to alternatives as part of a well-diversified portfolio. The specific percentages will vary based on the circumstances of the investor..