Simplify US Small Cap PLUS Income 

The adviser seeks to achieve the fund’s investment objective by investing primarily in equity securities of U.S. small cap companies and applying an income generating option strategy. Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in securities of U.S. small-capitalization companies, primarily by purchasing exchange-traded funds (“ETFs”). The fund is non-diversified.