Simplify Bitcoin Strategy ETF (MAXI)

The fund is an actively managed exchange-traded fund (an “ETF”). The fund’s adviser seeks to achieve its investment objective by using three strategies: (1) a Bitcoin strategy, (2) an income strategy, and (3) an option overlay strategy. Under normal market conditions, the adviser selects investments in Bitcoin related instruments so that the total value of economic Bitcoin exposure is approximately 50% to 200% of the net assets of the fund. It is non-diversified.